Gerry Building Deal Falls Through
A deal to purchase the Gerry Building in Los Angeles for close to $15 million has been terminated, according to real estate brokers in charge of selling the wholesale facility.
CB Richard Ellis Vice President Mark Tarczynski confirmed that the impending transaction had collapsed but would not give a reason. The potential buyer was said to be someone within or close to the local fashion industry. Tarczynski said that CBRE will reassess the cap rates and put the property back on the market for $15 million.
The building is owned by Santa Monica, Calif.–based MJW Investments, which purchased the property along with nine other buildings on Los Angeles Street for $18 million about three years ago.
The 110,000-square-foot building is about 90 percent leased and houses mostly apparel industry wholesalers.
—Robert McAllister
