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Jamison Properties Takes Ownership in California Market Center
May 1, 2005
In a deal signed yesterday, Jamison Properties Inc., whose real estate portfolio includes 90 buildings in greater Los Angeles, has purchased the California Market Center, (formerly The CaliforniaMart) the world renowned showroom facility in downtown Los Angeles, from London-based dmg World Media.
The CMC has long been considered the heart of the West Coast fashion industry, representing thousands of fashion and accessories lines including men's, women's and children's. In 2003, the center experienced a revitalization that included the addition of 240,000 square feet of gift and home showroom space, anchored by some of the top names in the industry.
The facility was re-branded in 2003 as the California Market Center to reflect a new, comprehensive market direction, inviting buyers to purchase across multiple lifestyle categories. In recent years, the CMC has made great strides with regard to capital improvements, added amenities, and strong buyer and tenant relations programs. Adding to the renewal of the facility are a distinctive new lobby and front patio décor, refreshed common areas, and a newly designed 2A wing, home to many of the nation's leaders in women's apparel.
"We look forward to furthering the mission of this renowned facility by partnering with our tenants and with the greater downtown community," said John Kim, the CMC's new general manager. "Jamison believes in this property wholeheartedly as a long-term investment, and we are dedicated to fostering this vital environment for our valued tenants and for the industries it supports."
The CMC will continue with its yearly roster of markets and tradeshows, including an apparel market, June 10-14 and the Los Angeles Gift & Home Market, July 19-26, held in cooperation with the California Gift Show. The new management is committed to working with the surrounding fashion buildings through The Intersection, a collaboration of downtown building owners and the Business Improvement District dedicated to bringing traffic and resources to the Downtown Fashion District.
Located at Olympic Boulevard and Main Street in the revitalization zone of downtown Los Angeles, the California Market Center encompasses 3 million square feet in three 13-story buildings -- currently with seven floors of gift and home accessories showrooms, as well as 1,000 apparel, fashion accessories and textile showrooms.
Jamison Properties, Inc. is a privately held, full service real estate investment and management firm based in the Los Angeles area. Recognized as the premier full service commercial real estate firm in greater Los Angeles, Jamison's comprehensive approach incorporates acquisition, management and leasing services for commercial properties. With over ninety properties, Jamison has quickly developed into one of the top three landlords of commercial office buildings in Southern California.
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