Hertz Sells L.A. Jewelry Center
The Moinian Group of New York has acquired the 400,000-square-foot International Jewelry Center in Downtown Los Angeles from former California Market Center owner Hertz Investment Group for $144 million, according to real estate brokers involved in the deal.
The Jewelry Center, located at 550 S. Hill St. in the heart of the downtown Jewelry Mart, houses more than 450 jewelry retailers, wholesalers and manufacturers. Hertz principal Judah Hertz purchased the property in 1996 for a reported $26 million.
The 17-story building is at capacity and usually has a waiting list of about two years, according to Hertz. The Santa Monica, Calif.–based company has been expanding east into other markets, including New Orleans and St. Louis, and still has a sizeable stake in Los Angeles. It sold the CMC to Jamison Properties in 2005 for a reported $135 million after paying $89 million for it in 2000.
Moinian now owns three properties in downtown, consisting of a building at 808 S. Olive and a 4.6-acre parcel at 11th and Figueroa, for which the company is investing more than $700 million for a mixed-use retail, residential and commercial center.
—Robert McAllister
