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Article: Judah's Gem-Dandy Jewelry Center sale: Hertz bought for $24 million, sells for $144 million.(DOWNTOWN)
- Article from:
- Los Angeles Business Journal
- Article date:
- March 19, 2007
- Author:
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Copyright informationCOPYRIGHT 2007 CBJ, L.P. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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The International Jewelry Center, the premier jewelry mart in downtown Los Angeles, has changed hands in the biggest downtown real estate deal to close this year.
The Moinian Group purchased the building at 550 S. Hill St. from Hertz Investment Group Inc. for $144 million in a sale that closed March 15.
Hertz Investment purchased the building in 1996 for $24.5 million when the building was 60 percent occupied, said real estate investor Judah Hertz, who heads his namesake Los Angeles company.
"Our company basically took it to this point where it is a stabilized asset," said Hertz, whose real estate investment company makes a practice of buying unstable properties ...