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8/16/16
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In a recent sale transaction from LA’s South Bay region, a local private investor acquired a 17k sf, office and retail property in Redondo Beach for $5.8 mil ($341/sf). The property, located at 2772 Artesia Blvd, just east of Inglewood Ave and a few blocks from the 405 Fwy, was sold by Majestic Asset Management.
Originally constructed in 1982, 2772 Artesia Boulevard recently underwent a major architectural renovation. The two-story, L-shaped property is strategically situated in prime retail corridor along Artesia Blvd, and benefits from excellent visibility, strong traffic counts, and boasts ample surface parking.
Madison Partners’ Bob Safai, Matt Case, and Brad Schlaak represented the seller in the transaction. According to Case, the seller had owned the asset for many years, and upon completion of the recent renovation, wanted to capitalize on the strong market fundamentals.
Case goes on to report that Redondo Beach has seen a tremendous amount of growth over the past several years as the South Bay continues to develop into one of LA’s most sought after areas. With attractive submarket vacancy levels of roughly 4 percent for this product type, easy access to the rest of Los Angeles, and some of the strongest demographics in Southern California, the property is extremely well positioned to benefit from the area’s significant and ongoing momentum.
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