Jun
14
Brookfield Acquires $440M Interest in Downtown LA Asset
ByThe California Market Center is home to fashion industry showrooms, creative office spaces, event venues, fitness studios and beauty salons. the property was the first wholesale fashion showroom to open its doors on the West Coast.
A private equity fund of Brookfield, Los Angeles’ biggest landlord, acquired an interest in California Market Center, a 1.8 million-square-foot property located in the Fashion District of downtown Los Angeles, as part of a joint venture with Jamison Properties. Newmark Knight Frank’s Capital Markets President Kevin Shannon and Executive Managing Director Ken White represented both parties in the off-market agreement.
According to Yardi Matrix data, Brookfield acquired the controlling interest in the property for $440 million and will take control of the asset’s operations. The asset last traded in 2005, when Jamison Services purchased the property from Hertz Investment Group for $135 million…
