The Original Farmers Market – Los Angeles, CA
The Original Farmers Market at 3rd Street and Fairfax in Los Angeles is 82 years old and has over 100 shops, grocers and restaurants. The family which owned the Farmers Market also owned a one of kind property with approximately 20 acres adjacent to the famous Market. The ownership wished to monetize the value of this asset. Samuels & Company was hired to advise the family trust ownership (the Gilmore Estate) in the development of the vacant land adjacent to the historic Farmers Market through a long-term ground lease with a retail shopping center developer.
The family required the expertise of Samuels & Company to qualify and select a ground lease development and negotiate a master ground lease structure which would maximize the value of the subject property while maintaining the integrity and value of the existing Farmers Market. The selection of a developer with a development vision that would complement The Original Farmers Market and integrate this historic property with the new development was critical.
Services Provided - Results
Samuels & Company advised the family on the evaluation of developer proposals; qualified a short list of prospective developers and final developer candidates; and assisted ownership in the negotiations of the terms of the ultimate ground lease which resulted in the development of The Grove at Farmers Market.
The 600,000 square foot Grove at Farmers Market developed by Caruso Affiliated is recognized as the Gold Standard for retail-entertainment centers throughout the country, with exceptional design and focus on the customer experience.