Vornado Realty Trust 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., according to TheEditorAtLarge.com.
"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.
PHR L.A. has invested in the communities where the creative industries flourish. With commercial assets throughout Southern California, the corporate parent of PHR L.A. Mart LLC has many destination properties. They include retail and trade businesses, product design, artisanal manufacturing, art galleries, restaurants, and temporary event and performance venues. Their L.A. projects focus on developing industrial centers into commercial-driven spaces.
“Our vision for L.A. Mart is to invigorate the business by leveraging our success in operating commercial properties that attract buyers and sellers,” president of PHR Ara Tavitian told The Los Angelas Times.