MJW Sells East L.A. Retail Site
Real estate developer MJW Investments of Santa Monica, Calif., has reached an agreement to sell a 23-acre swatch of land in East Los Angeles to boxer Oscar De La Hoya and partner Manarino Realty, who plan to develop the parcel into a mixed-use community, said MJW Chief Executive Mark Weinstein.
Terms of the deal were undisclosed, but real estate brokers involved in the deal said top bids for the property were in the $70 million range. MJW paid about $40 million for the land three years ago but has since invested about $15 million, Weinstein said.
The land, which encompasses a shuttered Sears & Roebuck distribution plant, has been earmarked for housing, retail and commercial uses.
De La Hoya, who launched Golden Boy Enterprises two years ago as a vehicle to revitalize older Latino communities, is teaming with veteran developer Robert A. Manarino of Manarino Realty to develop the property.
The area is in need of modern stores and market-level housing. Aside from the existing free-standing Sears store, most dwellers in the area have to travel downtown or to the San Gabriel Valley to shop.
Weinstein said he intended to invest $450 million to build more than 700 housing units and almost 700,000 square feet of retail space but decided to let another developer fulfill his plan.
“Oscar is from that area, and he is very passionate about improving this area,” said Weinstein. “His partners are veterans and know what they are doing. Everybody is on board for this project.”
The land is in escrow and is expected to close in about five months.
MJW is the developer of Santee Village, the Los Angeles Fashion District’s first adaptive reuse residential project.
—Robert McAllister
