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4/27/20
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Two vacant L.A. County retail buildings totaling 13.6k sf have sold in deals totaling $4.775 mil ($351/sf).
In one of the deals, an 8.1k sf building at 11732 Rosecrans Ave in Norwalk was purchased by Happy Sky Inc. The property was formerly occupied by Mega Shoe Factory and has an adjacent 29-stall parking lot. The one-story, freestanding building was completed in 1950 and is situated on 0.51 acres of land with direct frontage to a rare five-point intersection and visibility to a combined 74,900 vehicles per day.
11732 Rosecrans Ave , Norwalk |
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Located between Los Angeles and Orange Counties, Norwalk is a regional transportation hub and a film destination with local landmarks and residential pockets that include 236,747 residents within a three-mile radius of 11732 Rosecrans Ave. Happy Sky plans on converting the property to a coin-operated laundromat.
The other building, located at 120 S. Hacienda Blvd, is situated on two parcels totaling 1.13 acres in the City of Industry. It was acquired by Bliss Car Wash.
The building is in one of City of Industry’s main retail pockets, which exposes the property to more than 82,500 vehicles per day. With City of Industry’s business-focus, the daytime population is more than 90,000, and there are more than 186,400 residents who live within a three-mile radius of the property.
Formerly a bank branch building with a drive-thru, the one-story, 5.5k sf property features 66 parking spaces on a rectangular lot. Bliss Car Wash plans to demolish the existing bank building and construct a state-of-the-art express car wash facility on the property.
A JLL Retail Capital Markets team led by Adam Friedlander represented the seller of both properties. According to Friedlander, both of the properties closed escrow during the COVID-19 pandemic, which shows that the market still has appetite for well-positioned assets.
“The City of Industry deal was purchased all cash and closed escrow within 14 days,” Friedlander added. “A total of 15 offers were collected during the marketing process.”
The buyer removed contingencies on 11732 Rosecrans Ave within 14 days even though they were obtaining a loan through Bank of Hope. The transaction closed in a total of 45 days. A total of five offers were collected on the Norwalk property during the marketing process.
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