Fee and Clear
An investment group that includes Young Management Co bought nearly 15 acres from Catellus for $42.5M. What makes this property so special? Eleven acres sit under the 185k SF Midtown Shopping Center, which veteran retail developer James Young has built twice--the second time after it was destroyed in the 1992 riots. He's been trying to purchase the land, bounded by Venice, San Vicente and Pico, since 1978. James is bullish on the dense but underserved Mid-City area (pop: 1.2M), and eager to develop the 3.5 acres adjacent to his Ralphs, CVS and Orchard-anchored center with additional big-name tenants. One thing Midtown Shopping Center has going for it now that it didn't back in the '70s: the proposed Crenshaw Light Rail Line, which may have a stop nearby.
