Merchandise Mart Properties (MMPI), owner and operator of numerous design centers and trade shows, has sold one of its properties, the L.A. Mart, known for its Gift and Home Market and L.A. Mart Design Center, to commercial real estate management company PHR L.A.
“L.A. Mart is an extraordinary, enduring resource destination with a rich heritage that retailers and designers across the West and around the globe make their must-shop marketplace,” said Avo Tavitian, president, PHR LA Mart LLC. “Our vision for L.A. Mart is to invigorate the business by leveraging our success in operating commercial properties that attract buyers and sellers, and applying that know-how to advance L.A. Mart’s growth and value. This property has a proud tradition of service to its customers and we are excited to steward the facility toward a new and prosperous era.”
PHR’s immediate and primary intent is to reinforce the building’s Gift + Home presence by aggressively pursuing showroom prospects that deliver greater vitality and increased demand among buyers. Substantive new resources, a sense of excitement and renewed optimism coupled with fresh product offerings and synergistic concepts complement L.A. Mart’s showroom strategy and define PHR’s goals for the acquisition.
"As we begin a new chapter in our history led by the new ownership, the Gift + Home industry can rest assured L.A. Mart is on a sound foundation for the future,” said Jim Nahin, vice president of leasing, L.A. Mart. “I look forward to sharing our future ambitions with many interested prospects I’ll be meeting traveling the various Markets this summer,” Nahin added.
L.A. Mart’s addition to the new ownerships portfolio is further enhanced by a shared vision for celebrating California product innovation. Their investment in communities where the company supports creative industries, artists and craftsmen unique to the region provides greater opportunity to actualize L.A. Mart’s Gift + Home brand position. The principals’ access to these regional manufacturers seeking showroom space or product representation propels L.A. Mart’s evolution as an essential West Coast collective of leading tastemakers defining product design for today’s consumer and the modern retailer.
With commercial assets throughout Southern California, the corporate parent of PHR L.A. Mart LLC has destination properties representing retail and trade businesses encompassing product design, artisanal manufacturing, art galleries, restaurants, and temporary event and performance venues. Their projects in Los Angeles specialize in developing and growing industrial centers into uniquely creative environments and commerce-driven spaces.