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4/27/16
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SBH Real Estate Group Inc has acquired two SoCal retail properties with a combined 36.5k sf of space in deals totaling $6.2 mil. The properties are in the LA area cities of Bellflower and Gardena.
Los Angeles-based SBH paid $2.4 mil for an 11.6k sf ($207/sf) property at 9535 Alondra Blvd, between Lakewood Blvd and Bellflower Blvd in Bellflower, in an off-market transaction. The freestanding building sits on a 30.1k sf land parcel.
The sellers, Jung Y and Ju Suh, had operated at the property as an owner/user under the banner Casual Shoes & Wear, selling t-shirts and sports accessories. The building was built in 1969 and had previously been owner operated by Smart & Final, which sold it in 2012, when they relocated to a larger footprint a few blocks away.
Prior to closing on the property sale, SBH signed a ten-year lease with Save A Lot. Extensive renovations are underway, including a new roof, a new HVAC system and upgrades to both the electrical system and parking lot. The store opening is slated for mid-summer.
In the other deal, SBH purchased a 24.5k sf retail property on a 53k sf site at 15015 Crenshaw Blvd, at the signalized intersection of Crenshaw and Marine, across the street from Superior Grocers. Both the sellers, Kenny and Susie Lee, and SBH were represented by Elizabeth Clark and Chris Chasin at BRC Advisors. SBH paid $3.8 mil ($155/sf) in an all-cash transaction.
Commenting on these purchases, Eric Silverman, Managing Partner of SBH, noted, "We see great opportunities in these infill urban retail markets, and these two acquisitions are prime examples of the value add properties we specialize in."
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