New L.A. Mart Owner Plans to "Reinvigorate Business"
LOS ANGELES-The new owner of the L.A. Mart said it is committed to strengthening its showroom business as well as the L.A. Mart's position as "the anchor" to the West Coast's gift industry.
PHR L.A. Mart, a commercial real estate management company, has purchased the L.A. Mart from Merchandise Mart Properties, Inc. As previously reported, MMPI parent Vornado Realty Trust sold the L.A. Mart and three other mart buildings for a total of $228 million earlier this month.
According to a statement from the L.A. Mart, PHR L.A. Mart's corporate parent, who was not named, owns properties representing retail and trade businesses encompassing product design, artisanal manufacturing, art galleries, restaurants and temporary event and performance venues.
"Our vision for L.A. Mart is to invigorate the business by leveraging our success in operating commercial properties that attract buyers and sellers, and applying that know-how to advance L.A. Mart's growth and value," said Avo Tavitian, president of PHR L.A. Mart. "This property has a proud tradition of service to its customers and we are excited to steward the facility toward a new and prosperous era."
PHR said it plans to "aggressively pursu[e] showroom prospects that deliver greater vitality and increased demand among buyers." PHR also promised "substantive new resources, a sense of excitement and renewed optimism coupled with fresh product offerings and synergistic concepts."
"As we begin a new chapter in our history led by the new ownership, the gift and home industry can rest assured L.A. Mart is on a sound foundation for the future," said Jim Nahin, vice president of leasing, L.A. Mart. "I look forward to sharing our future ambitions with many interested prospects I'll be meeting traveling the various markets this summer."