Iconic Grand Central Market sells to
Beverly Hills investor

The sale includes the 12-story Million Dollar Theater next door

Nov.November 01, 2017 01:00 PM
Grand Central Market with Adam Daneshgar (Credit: Langdon Street Capital, Wikimedia Commons)

Grand Central Market, the historic food hall in Downtown Los Angeles that draws 2 million people annually, sold to Beverly Hills real estate investor Adam Daneshgar of Langdon Street Capital, the Los Angeles Times reported.

Tuesday’s purchase also includes the 12-story Million Dollar Theater next door at 307 South Broadway, Grand Central Square Apartments and Grand Central Parking Structure.

Danesghar, who declined to disclose how much his firm paid for the properties, plans on sprucing up the property through “surgical” improvements such as new paint and lighting fixtures. “We are not looking to go in and change or overhaul anything,” he told LAT.

The seller was Yellin Co., founded by late Downtown developer Ira Yellin. The market has remained in the hands of the Yellin family since the mid-1980s.

Grand Central Market is a bustling site for both tourists and locals alike, offering everything from produce to trendy eateries including “Eggslut” and “Wexler’s Deli.” Its doors are open every day and recently extended its hours to stay open later.

Langdon will be the fourth owner of the market, which opened in 1917. The Los Angeles-based investment company also owns a 10,500-square-foot creative office building in Hollywood dubbed “Melrose at Larchmont,” a multifamily complex in Highland Park and an office building at 1547 Ninth Street in Santa Monica. [LAT] Natalie Hoberman

Related Articles

From left: Howard Schwimmer and Michael S. Frankel, with 1601 W. Mission Boulevard and 2757 E. Del Amo Boulevard (Credit: Google Maps)

Rexford Industrial adds to LA portfolio with $100M in acquisitions

Andrew McDonald and At Mateo in the Arts District

Cushman’s West Coast chief talks expansion, DTLA market, the death of the starving baby broker & more

3339 Exposition Blvd. and Asher Luzzatto

Luzzatto Co. assembling creative office hub in West Adams

Jason Illoulian and the Cemex plant

Faring makes $30M assemblage play on WeHo/LA border

From left: Nuveen CEO Vijay Advani, Graymark founder/CEO Brian Hecktman

Graymark, Nuveen pay $97M for El Segundo creative office

La Mirada industrial building

Clarion pays $77M for La Mirada industrial project

510 Park Avenue and CEO of Monster Beverage Rodney Sacks

Monster Beverage affiliate guzzles down industrial project in San Fernando

From left: Saeed Nourmand, Michael Nourmand, Grant King and Richard Heyman

Relevant Group sues Nourmand & Associates’ founder, alleging extortion over hotel projects