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Investment Venture Buys 138k sf Retail Center in Los Angeles

2/07/20

Crenshaw Plaza, a 137.8k sf retail center located at the southeast corner of West Slauson Ave and Crenshaw Blvd, was acquired by a joint venture between two Los Angeles-based private commercial real estate investment firms. Crenshaw Plaza sits adjacent to the new Hyde Park Metro Station along the Crenshaw/LAX Transit Line, which will begin operations this year, about three miles west of I-110.

The purchase is comprised of multiple parcels that were all acquired simultaneously as part of an assemblage. The center is anchored by Ralphs and includes Rite Aid, Burger King, Fitness 19, AutoZone, among other tenants.

Although we donít have the sale price, we can tell you that the deal was financed with a $31 mil fixed-rate acquisition loan arranged by Bruce Francis, Shaun Moothart, Dana Summers, Robert Ybarra, Doug Birrell and Jim Korinek with CBREís Capital Marketsí Debt & Structured Finance team.

Average asking lease rates increased by $0.51 or 21.1% to $2.93 triple-net, according to CBREís fourth-quarter report. Rising average asking rates stem from steady demand and favorable economic outlook combined with limited availability. Unique food and beverage concepts are driving new and revitalized centers across the county, and forecasts project a 3.5 percent increase in sales throughout the county in 2020.







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