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December 15, 2017
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LOS ANGELES COUNTY NEWS
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Los Angeles CVS Pharmacy Property Sells for $640/sf

11/21/17

A 12.7k sf retail property in Los Angeles net-leased to CVS Pharmacy sold for $8.2 mil, or $640/sf. The property, located at 3627 East Cesar E. Chavez Ave, less than three miles from downtown LA, was purchased by Millenium Investment LLC.

The property was sold by Paragon Commercial Group LLC, a fully integrated retail development group based in Southern California. It took the company to assemble and entitle the property in the high-barriers-to-entry submarket of East Los Angeles.

The property enjoys a population density of more than 300,000 people within a three-mile radius. It is also across the street from a high-volume grocery store.

CBREs Alex Kozakov and Patrick Wade represented the buyer, a private OC-based investor in a 1031 exchange, and the seller in the transaction. CBREs Val Achtemeier and Ed Balazs helped facilitate the transaction.

Demand for retail properties in the Greater Los Angeles area is strong. The areas large and diverse population and solid fundamentals have been supporting increasing leasing activity, and occupancy levels are expected to remain steady over the next 12 months. Rents are projected to increase an additional 1.3%.




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