The bustling Grand Central Market, one of Los Angeles’ best-known cultural landmarks, has been sold to a Beverly Hills real estate investor who vows to preserve its historic charms.
The sale that closed Tuesday included the 12-story Million Dollar Theater tower next door, home to the first movie palace opened by entrepreneur Sid Grauman, who went on to create the famous Chinese and Egyptian theaters in Hollywood.
Grand Central Market, which celebrated its 100th anniversary last week, is a popular destination for locals and tourists who can choose a meal from dozens of food stalls or shop for produce, spices and other wares. It is open every day and draws 2 million visitors annually through its wide doors on Broadway and Hill Street.
“We just want to safeguard this place,” said new owner Adam Daneshgar, president of Langdon Street Capital. “We are not looking to go in and change or overhaul anything.”