When the real estate market sours, the so-called "up and coming" areas often get hit first (and sometimes hardest) and here comes Exhibit A: After initially announcing plans to purchase the Sears complex at Olympic Boulevard and Soto Street and redevelop the 22-acre property into a retail/residential project, boxer Oscar De La Hoya and partners have pulled out of the $70 million deal, according to the Los Angeles Business Journal. Mark Weinstein, president of MJW Investments, tells the paper that "De La Hoya and the other buyers hinted in mid-December that they might not release the deposit because they wanted to discuss a reduction in the sale price and needed five more months to work on the deal. The request was turned down." With the site back on the market, MJW Investments will look for other offers, but the paper notes that the pullout "couldn’t come at a worse time" given the current credit crunch.
· De La Hoya TKO’d Over Sears Project [LABJ]
· De La Hoya: Portal-Opener [Curbed LA]