Multi-millionaire and local entrepreneur John Anderson sealed
the purchase of nine buildings in Westwood on Thursday, in what
could be one of the most significant property deals in recent
Village history.
Local business and property owners have considered the transfer
of ownership from previous holders Credit Suisse First Boston and
managers Madison Marquette to Anderson as a change which could lift
Westwood back to its commercial glory days.
All nine properties give onto Westwood Boulevard: eight out of
nine buildings are located on the 1000 block; the remaining one is
located at the intersection of Westwood Boulevard and Lindbrook
Drive on the 1100 block.
According to Westwood real estate and leasing consultant Steve
Sann, the deal was estimated to be worth more than $60 million for
approximately 140,000 square feet of retail space currently
occupied by chain store giants like GAP, Victoria’s Secret
and Office Depot.
The purchases will build on other recent John Anderson ventures
in Westwood, with the acquisition of three other properties on the
1100 block of Westwood Boulevard currently being negotiated and
sealed.
He already owns the historic Shepard-Mitchell building, at the
corner of Kinross and Gayley Avenues, which he purchased in August
2001 for $5.2 million.
Anderson, whose $16 million donation to the UCLA business school
in 1987 resulted in him becoming the namesake of the school, said
buying property in Westwood was a good investment for the
future.
“It’s certainly not Rodeo Drive, but it’s a
good location mainly because of the proximity to the
university,” he said. “I don’t think UCLA is
going anywhere for a while.”
Many local business owners were disappointed with the outcome of
Madison Marquette’s management of the properties, suggesting
that Anderson would provide new life for the Village.
“The previous landlords failed to invigorate the
Village,” said Phil Gabriel, owner of the local business
Scrubs Unlimited. “Anderson needs to improve the tenant mix,
so that local businesses can relate more to students and
homeowners.”
Jeff Abell, owner of Sarah Leonard’s Jewelers, said
Madison Marquette had the opportunity to bring in new tenants when
they first purchased in Westwood, but had rushed to fill vacant
spaces with anyone so they could make quick turnovers.
“Perhaps as a long term investor, Anderson has the ability
to do what Madison Marquette may not have been in the position to
do,” he said. “He may have time to sit on the property
and enhance its value with carefully selected tenants.”
Madison Marquette spokesperson Jeff Ingram declined response to
why the real estate giants were leaving Westwood after only five
years.
“One of the tenants Madison Marquette had announced was
Urban Outfitters, but they were unable to close the deal, and
instead we now have tenants like Longs Drugs and AT&T
Wireless,” Sann said. “Under Anderson’s
management, we can begin to see the tenants we hoped
for.”
In addition to the inherent profitability that he foresees,
Anderson said he has emotional ties with the Village which helped
him make the decision to acquire the properties.
Anderson, a native of Minnesota, came out to UCLA in the late
1930s on a scholarship for the ice hockey team. He graduated with a
degree in business administration and holds strong attachments to
the Village.
In particular, the building he just purchased currently holding
the GAP at the corner of Westwood Boulevard and Weyburn Avenue
holds special significance.
“I bought my first suit from that building,” he
recalled. “It used to be a Bullock’s department
store.”
And accordingly, it may be the Village’s turn to try on a
new suit.
“(Anderson) didn’t get to where he is through Mickey
Mouse operations, so based on his previous success and reputation,
I think this is a good change for the Village,” Gabriel
said.