Seventh Street Market to have new owner - The Packer

Seventh Street Market to have new owner

08/20/2014 02:30:00 PM
Tom Burfield

Los Angeles-based Evoq Properties Inc., owner of the Seventh Street Market, has agreed to be acquired by a group of investors headed by New York-based Atlas Capital Investors III LLC.

Total value of the transaction is approximately $357.4 million, according to a news release.

The nearby Eighth Street Market and a facility known as 2640 E. Washington, which services produce wholesalers, also are part of the Evoq portfolio.

The transaction is expected to close in October, said Evoq spokesman Fred Muir.

The new buyers were not commenting on plans for the properties.

“What the new buyers will do is unknown to us,” Muir said.

In June, Bob Ianessa, general manager of the Seventh Street Market, which is next door to the Los Angeles Wholesale Produce Market, said the property was part of a portfolio of 37 properties that were up for sale, and that Evoq was continuing to make improvements at the facility, including upgrading coolers, which should enhance the value of the property.

He reiterated Aug. 20 that he did not expect the new owners to close the produce market — one of the largest in California.

“The market is a money-maker,” he said.

If the new owners do make changes in the use of the property, they likely won’t come anytime soon, he said, since 90% of the tenants have five-year leases.

Other Evoq properties include the 32-acre Alameda Square, which houses American Apparel and several other fashion houses, Muir said.

In all, Evoq’s real estate holdings include more than 2 million square feet of rentable space and more than 13 acres of prime development land in downtown Los Angeles, the release said.



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