Landmark L.A. Sears distribution center sold to De La Hoya group
Acclaimed Los Angeles boxer Oscar 'Golden Boy' De La Hoya and partners have signed a deal to acquire the iconic 1920s Sears, Roebuck and Co. catalog distribution building near downtown Los Angeles.
While financial details were not released, current owner Mark Weinstein of MJW Investments paid $40 million for the 23-acre property in 2004. Weinstein, who had plans to develop the property into a mix of condominiums, apartments and retail, with added new construction surrounding the Sears building, has spent at least $15 million on the development to date, according to the Los Angeles Times. De La Hoya's group has not said if their plans for the property mirror Weinstein's.
When the block-sized multistory Art Deco building at Olympic Boulevard and Soto Street was completed in the 1920s as a retail, office, and distribution center for Sears, the building's 14-story tower was one of the largest buildings in the still-nascent Los Angeles area. The retail store remains in operation on the ground floor, but the massive catalog fulfillment center on the other floors was closed in 1992 as part of a cost-cutting measure by the struggling retailer.
The building is so large that workers on the 200,000-square-foot distribution center floors used roller skates to quickly pull merchandise.
Landmark L.A. Sears distribution center sold to De La Hoya group
