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LOS ANGELES, CA-The five-floor, 375,000-sf first phase of the 1 million-sf gift mart building at California Market Center hit 90% occupancy recently, setting the stage for development of three more floors, or about 225,000 sf at the Downtown project.

The gift mart, which houses showrooms and wholesalers catering to the gift and home accessories industry, is one of three buildings of 1 million sf each that make up California Market Center at Olympic Boulevard and Main Street.

The other two buildings house garment industry showrooms and wholesalers, as the gift mart building once did, but the building’s owner, Hertz Investment Group, announced plans to convert it to a gift mart about a year ago in light of declining occupancy among garment industry tenants.

With five of the 13 floors in the gift mart building now 90% leased, California Market Center officials say, they expect to convert the remainder of the building to gift mart tenants at the rate of about three floors every six months.

The California Market Center hosts two major gift and home accessories markets each year, in January and in July, in partnership with the California Gift Show at the Los Angeles Convention Center. The gift show, scheduled next for July 16-23, typically draws about 2,000 participating companies and 30,000 retailers.

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