LOS ANGELES — Meruelo Maddux Properties Inc., a major Los Angeles real estate holder and owner of the Seventh Street Market, has emerged from bankruptcy, with its holdings awarded to a new entity called EVOQ properties Inc.
“Today’s unveiling of the EVOQ name, which reflects our new team culture and potential for growth at this innovative company, marks a significant milestone,” Martin Caverly, EVOQ’s chief executive officer, said in a March news release. “With fresh capital and new senior management, the EVOQ Properties platform is well-positioned to adapt to this continued growth and the needs of our clients.”
EVOQ (pronounced “evoke”) is one of the largest non-government property owners in downtown Los Angeles, with holdings in industrial, office, retail, residential and mixed-use real estate, the release said.
The company owns more than 35 properties, with about 3.5 million square feet of real estate.
Besides the Seventh Street Market, those holdings include a wholesale produce market called 2640 E. Washington and a new facility that opened June 7 called the Eighth Street Produce Facility, said Bob Iannessa, general manager of all three facilities.
The newest facility has 32 doors and was about half leased as of mid-June, he said.
At the 94-year-old Seventh Street Market, all the usable space was leased, but Iannessa said several doors must be brought up to code before they can be leased.
“We’re looking at rehabbing a number of these units within the next couple of months,” he said. “I have tenants waiting for the doors to become available.”
The Eighth Street facility was only 6 years old “when it had a total roof collapse,” Iannessa said.
“Structurally, the building became unsafe,” he said, and tenants were relocated. The location has been undergoing reconstruction for the past two years.
“It is a completely brand-new facility,” he said, with an upgraded fire light safety system, new coolers, a new electrical system and new plumbing.
“You name it, everything’s new,” he said.
Iannessa hopes to reach 100% occupancy over the next few months.
The Eighth Street facility is similar to the Washington Boulevard facility — it’s primarily wholesale, but, because of its location, it lends itself to retail sales nicely, he said.
“The tenants over there dabble in both worlds,” Iannessa said.
And it’s open daily.