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June 17, 2018
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LOS ANGELES COUNTY NEWS
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Los Angeles Westside Retail Property Trades for over $1,000/sf

2/28/18

Triangle Center, a 16.1k sf retail property situated in Culver City and Los Angeles, was purchased for $17.5 mil ($1,087/sf) by foreign-based Bastion Development Corp.

The property is located at 12717-12761 Washington Blvd in Culver City and at 3984 and 3988 Meier St in Los Angeles. Situated south of Venice Blvd and west of Centinela Ave, it features four single-unit tenants and a free-standing 99 Cents Only store.

Alex Kozakov, Patrick Wade and Neal Golub of CBRE represented the seller, Triangle Center LLC, a private investor. Mary Cronin of Urban Real Estate represented the buyer.

“This is an ideal repositioning opportunity in one of West LA’s hottest neighborhoods,” said Kozakov. “The current tenants are all in short-term leases, which allows the new owner to collect an income stream while offsetting expenses during the entitlement and repositioning process. This is a one-of-a-kind chance.”

The deal procured more than 550 signed confidentiality agreements and more than 20 offers, symbolizing the great demand for quality retail properties in Los Angeles, according to Golub.

“This site sits at the western edge of Culver City and very close to the highly desirable West Los Angeles submarkets of Mar Vista, Marina Del Rey and Venice Beach,” said Wade. “The property benefits from an exceptional location with proximity to the beach and major public transit.”

The property is located in an area that is home to 271,000 people with an average household income of more than $112k in a three-mile radius. The outlook for the Greater Los Angeles retail market is positive, according to CBRE’s latest quarterly report. Vacancy levels are projected to move up slightly throughout 2018, while rental rate growth is also expected to increase gradually over the next four quarters.





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