Regents Accept Offer from Buyer of Japanese Garden
We received word that the Regents have accepted a bid for $12.51 million for the Hannah Carter Japanese Garden from Mark Gabay of the Charles Company.* UCLA will apparently pay $500,000 into an endowment fund toward maintenance as part of the deal. So it sounds like the bid was more like $12.1 million net. In any event, escrow reportedly closes in mid-July. Blog readers will recall that UCLA operated the garden for many years and maintained limited public access. The garden was a gift from former Regent Edward W. Carter. During the budget crisis, the garden was suddenly closed and put up for sale, sparking litigation from the donor's family which has now been settled. Whether the public will have access in the future remains to be seen. (Info received from Bette Billet.)
*Mark Gabay, Co-Managing Partner
Mark Gabay is a founder and co- managing partner in charge of company financing, accounting, and property investments. He is actively involved in all hazardous materials remediation work and as a licensed contractor, oversees and approves all construction documents and plans. Mark maintains a conservation company approach to development and investment in real estate through clarity and 35 years of hands on experience.