Fashion District Building Owners on Expansion Track
Two owners of major wholesale complexes in the Los Angeles Fashion District are expanding their real estate holdings elsewhere in the state.
Los Angeles–based Jamison Properties, which owns the California Market Center, has purchased an office building in the west San Gabriel Valley, while Hermosa Beach, Calif.–based LaeRoc Partners, owner of the Gerry Building, closed on a regional mall in Sacramento.
Jamison paid $20.8 million for the five-story, 101,000-square-foot office building in the Los Angeles Corporate Center, a masterplanned office campus in the San Gabriel Valley, according to broker CB Richard Ellis.
The property is 97 percent leased and houses tenants such as New York Life Insurance Co., Kajima Construction and Transamerica Life Co. Jamison bought the property, which includes a three-story parking structure, from Triple Net Properties of Santa Ana, Calif., which purchased the building three years ago for $16.1 million. Jamison has more than 20 million square feet of property in the region.
LaeRoc paid $57.7 million for Country Club Plaza, Sacramento’s oldest enclosed mall, reported the seller, Arizona Partners Retail Investment Group LLC of Scottsdale.
The 46-year-old mall houses retailers such as Macy’s, Gottschalks, American Eagle, PacSun, Sports Chalet and Ross Dress for Less. The seller has made substantial improvements on the property over the past three years. The interior of the 620,000-squarefoot center has been remodeled, as have a central courtyard and frontage areas. —Robert McAllister
