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March 23, 2019
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RETAIL NEWS
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West L.A. Retail Asset Traded in $22.6 Mil Transaction

3/06/19

A 36.5k sf, two-story retail property in West Los Angeles, was purchased by an institutional fund for $22.6 mil ($619/sf). The asset was sold by a private family trust.

The property, located at 12121 W. Pico Blvd, is anchored by Marukai Market on the ground floor and Party City on the second floor. The transit-oriented building sits on a large lot surrounded by various existing and planned developments. It is adjacent to the 10 Fwy and near the Metro Expo Line Bundy Station in a dense and affluent neighborhood of West Los Angeles.

Ken McLeod and Zachary Card of CBRE, and Tim Kuruzar of JLL, represented the seller in the deal. The buyer focuses on West Coast retail properties.

“This site has a lot of potential due to its prime location in West Los Angeles,” commented McLeod. “The surrounding affluent neighborhood and ammenity-rich area attracted immediate interest from buyers. It is extremely rare to acquire an asset of this size in Los Angeles, and many prospective purchasers saw potential in converting the building or developing on its lot to achieve the greatest value.”

Retail cap rates for both stabilized and value-add properties increased for all retail segments in H2 2018, according to CBRE research. Demand for high-quality assets was strong, with cap rates for Class A product in all three retail sectors at the lowest, ranging from 4.835 to 8.425. Cap rates for both power and neighborhood/community center-stabilized properties are expected to remain unchanged or increase slightly in H1 2019.




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