Historic Grand Central Square Changes Hands in LA
- Nov 02, 2017
Langdon Street Capital has acquired Grand Central Square, a 121-unit, mixed-use development, in downtown Los Angeles. The property features 20,000 square feet of office and 11,250 square feet of retail space. The sale includes Grand Central Market, the culinary destination of the region.
Located at 306 W. 3rd St., Grand Central Square is a transit-oriented building surrounded by stations within walking distance. The asset was converted to multifamily in 1995, prior to that it was the historic Million Dollar Theater Building, built in 1917. Grand Central Square is a steel frame construction, comprising five, nine-story apartment buildings with ground-floor retail space, occupying a 2.1-acre site. The property features a mix of studio, one- and two- bedroom and penthouse units, averaging 701 square feet. Half of the residential spaces are affordable.
The property features amenities such as:
- Controlled access
- Fitness center
- 12 laundry facilities
- 121 parking spaces
Grand Central Market
The firm’s plan include investing capital to enhance Grand Central Market, a food market with numerous national awards, and update the hospitality experience, while being sensitive to the historic character of the property. The asset has recently celebrated its 100th anniversary and has played a central role in the revitalization of downtown Los Angeles. Grand Central Market is anchored by tenants such as Egg Slut, Wexler’s Deli and G&B Coffee. Long-time tenants include China Café, Villa Moreliana, Roast To Go and Tacos Tumbras a Tomas.
“Our goal is to continue the incredible improvements the Market has implemented over the past half-decade and the legacy that precedes us,” said Adam Danesghar, president of Langdon, in prepared remarks.
Image courtesy of Yardi Matrix