Today we’d like to introduce you to Adam Daneshgar.
Thanks for sharing your story with us Adam. So, let’s start at the beginning and we can move on from there.
I graduated from a Real Estate Development Master’s program at USC in 2009 and started my own real estate investment firm. I was trying to position myself to take advantage of anticipated opportunities on the heels of a very depressed economic climate. It was more the result of circumstance than planning or preference.
It took time until the market normalized to a point that I was comfortable acquiring assets, but I gained traction and grew quickly, primarily acquiring apartment projects in Las Vegas and then Creative Office and Mixed-Use projects in Los Angeles.
Grand Central Market was brought to my attention by a mutual acquaintance of myself and then-owner Adele Yellin. I was informed that there was a very small window of opportunity to acquire the asset and I went all out to make it happen, starting with a personal letter to Adele explaining my appreciation and vision for GCM’s future. This was a dream project for me and I wanted to communicate this all directly right off the bat.
Overall, has it been relatively smooth? If not, what were some of the struggles along the way?
Starting an investment company out of one of the worst economic downturns in recent history is not easy, and it required a lot of patience and hard work. Fortunately, our firm has been able to establish ourselves with a strong reputation and continues to take strides.
Grand Central Market (GCM), specifically, was a uniquely challenging acquisition that required several months of thorough diligence and underwriting. The project continues to have its unique challenges but also presents tremendous opportunities and room for exciting growth.
Alright – so let’s talk business. Tell us about Grand Central Market – what should we know?
GCM is the most iconic food destination in Los Angeles, and one of the most renowned food marketplaces in the world. With a rich history spanning over 101 years in continuous operation, GCM has adapted and evolved over multiple generations. Currently, GCM offers close to 40 unique culinary options with vendors offering cuisines from all over the world. Authentic Mexican tacos, fresh seafood, burgers, Thai food, and locally brewed beers are a small sample of GCM’s offerings. GCM is truly a food lover’s paradise rolled into a genuinely unique experience.
I am the most proud of our being able to continue to honor and celebrate GCM’s rich history while keeping the character and integrity of the Market intact moving forward.
GCM’s history, raw authenticity, and scale cannot be replicated, and the experience cannot be duplicated. You can really feel the character and history as you walk through the aisles and see vendors that have been at GCM for 20, 30, 50 years. In this one special place, people from all over (locals, tourists, construction workers, City Hall employees, business professionals, students, etc) come together in a beautiful, open market to share a unique experience.
Do you feel like our city is a good place for businesses like yours?
Absolutely. Los Angeles’ food scene has EXPLODED in recent years, with exciting chefs offering bold concepts and experiences from casual inexpensive options to high-end restaurants. Multiple recent success stories have proven that anybody has an opportunity to succeed in the LA food scene. Our city is rapidly becoming the culinary capital of the country, and Angelenos are really embracing it. GCM, in itself, is a microcosm of this burgeoning food scene. With a wide variety of options, tastes, and price-points, there is something adventurous, indulging, and delicious for every individual.
- Address: 317 S Broadway
Los Angeles, CA 90013
- Website: https://grandcentralmarket.com/
Jakob Layman; Andrea Alonso; Mike Baker