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April 16, 2014
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The Foto Finisher

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Historic Sears Property in Downtown LA Sells


The historic Sears Roebuck & Co building just east of downtown Los Angeles in Boyle Heights has sold again. In this latest transfer, local apartment developer Izek Shomof acquired the 23-acre property at 2650 E. Olympic Blvd in a deal valued at $29 mil, according to a report in the LABJ.

The property was sold by MJW Investments, a local firm led by Mark Weinstein who bought it in 2004 for just over $32 mil. At the time, MJW had plans for a huge $500 mil redevelopment that would convert the 1.8 msf property into hundreds of res units along with 700k sf of retail space. However, changing economics did in those plans and later efforts to sell the property also did not go through.

Originally built in 1927, the huge property was a mail-order/distribution facility for Sears that has since been vacated, aside from a Sears department store on the ground floor. Per the Business Journal piece, Sears says that the store remains one of the company’s best performing locations in the nation.

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