LOS ANGELES-MJW Investments has sold the nine-story Sears Art Deco building in Boyle Heights to a private investor for $29 million. The building formerly served as Sears department store's mail-order distribution center, and now is a Sears retail location. According to industry sources, the buyer is Izek Shomof.

The property is listed on the National Register of Historic Places. It was built in 1927, and is located on the corner of Olympic and Soto. Although Sears still occupies 185,000 square feet on the ground floor, the 1.8 million-square-foot building has remained mostly vacant since Sears' mail-order distribution center closed in the 1990s. Set on 23 acres, the site includes a 48,000-square-foot warehouse and a 15,000-square-foot Sears Auto Store.

“The property represents one of the largest redevelopment opportunities in the City of Los Angeles,” Brendan McArthur, SVP at Jones Lang LaSalle, tells GlobeSt.com. McArthur, along with JLL EVPs Jeff Adkison and Paul Sablockrepresented the seller in the transaction. “The historic site is in immediate proximity to a vibrant downtown Los Angeles, which has transformed into a 24-hour, live-work-play environment in recent years.” Adkison adds, “The upper floors of the building offer some of the most stunning views of downtown.”