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Los Angeles -- Midtown Shopping Center Associates said it has acquired the land under Midtown Shopping Center plus two adjacent properties totaling 14.56 acres for $42.5 million from Catellus Development Corp., based in Denver.
The 185,000-sq.-ft. center at 4725 W. Venice Boulevard is bounded by Venice, San Vicente and Pico Boulevards in the heart of Mid-City Los Angeles. Young Management Co. negotiated a ground lease with original owner Southern Pacific for 11 acres of the site and developed the center, attracting tenants such as Ralph's, CVS, Orchard Supply Hardware and Bank of America.
This transaction gives MTSCA ownership of the land under the buildings they own as well as 3.5 additional acres that are on the eastern and western edges of the site.
MTSCA, the investment group that bought the property, includes Young Management Co. and its partners, James Young and Courtland Young. Young Management will be in charge of property management and leasing as well as redevelopment of the center. Plans call for making the center a more family friendly meeting place with extensive pedestrian walkways, seating areas and outdoor dining.