According to a press release issued on Business Wire on May 2, 2014 – Midtown Shopping Center Associates (MTSCA) has acquired the land under Midtown Shopping Center plus two adjacent properties totaling 14.56 acres for $42.5 million from Catellus Development Corp. of Denver. The 185,000-square-foot center at 4725 W. Venice Boulevard is bounded by Venice, San Vicente and Pico Boulevards in the heart of Mid-City Los Angeles, minutes from affluent neighborhoods such as Hancock Park, Lafayette Square, Victoria Park and the historical West Adams District.
Young Management Company, headed by veteran retail developer James R. Young, has over a 30-year history with Midtown Shopping Center. Young negotiated a ground lease with original owner Southern Pacific for 11 acres of the site and developed the center, attracting major national tenants including Ralph’s, CVS, Orchard Supply Hardware and Bank of America. The Ralph’s store is the first urban ‘Signature Store’ in Southern California and the highest quality store in the Kroger chain.
This transaction gives MTSCA ownership of the land under the buildings they own as well as 3.5 additional acres that are on the site’s eastern and western edges.
“I have been trying to purchase the land since 1978. I rebuilt this property after it was destroyed in the 1992 LA Riots as I have always had total confidence in the future of this community and its residents. This is a rapidly growing area of the city that is vastly underserved by retail standards,” said Young. “It is a dense residential area with a population of 1.2 million drawing from a five-mile radius versus the typical one to three mile radius. We are eager to develop the rest of the site and bring more national tenants to meet our community’s needs.”
MTSCA, the investment group that bought the property, includes Young Management Company 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.
Young Management Company focuses on retail opportunities with potential for top national tenants within the Los Angeles area. Courtland Young has been with the company since 2007, directing management, a 2008 refinancing and the redevelopment of the property, which began in 2010.
Read more:
LA Times – Midtown Shopping Center to See Improvements After Land Sale
This article is merely a regurgitation of a press release. It is not real reporting. You don’t question why the roller skating rink and the bowling alley, which are “family friendly meeting places,” are being forced to close. What is Young really saying? “More national tenants to meet our community’s needs” and “vastly underserved by retail standards” translates to higher rental income from the chains which he hopes to attract. Instead of Maria’s Cafe, we’ll have more corporate swill.
Hi Wally – yes…that’s what the post says…that it is the press release. I don’t believe the forced closings were known at the time of this article. The comment area on these posts represents a great place to share more info and create a conversation. So thanks for the call to action – we’ll do some digging. Do you have a contact at Maria’s Cafe? Lots of fond memories of the skating rink.
Thank you for your reply, Mary.
The lease for the bowling alley and Maria’s Cafe is up for renewal this year and because the new owner substantially increased the rent, they can not renew. They are closing June 23.
These businesses are well patronized and it is a shame to see them close. Maria’s Cafe’s number is (323) 938-7031.
Thanks Wally! I’ll follow up:)
A meeting with Councilman Wesson is scheduled for June 15 at 10:00 am at the Wilshire Community Police Station, 4861 Venice Blvd. Here’s a good opportunity to support these businesses.