|
8/22/16
|
Hasty Yadegaran, a local LA real estate investor, purchased a 15.2k sf retail center in Los Angeles’ Koreatown area for $6.7 mil ($441/sf). The asset was sold by SBH Real Estate Group, Inc., a Los Angeles-based real estate investment firm.
The property is located at 3138-3148 W. Pico Blvd, one block east of Western Ave. The majority of the space is occupied by Dollar Tree, which has eight years remaining on its original lease for 10k sf. The other tenant is a multi-unit coin laundry operator that signed an 18-year lease on the remaining 5.2k sf. In addition, SBH signed a 15-year lease with a signage company. This income was a bonus and not capitalized to the seller.
The building was built in 1938 and rehabbed in 2014 when the electrical system was upgraded to 1600 amps and the roof was renovated to a new white / cool roof system. The property has 27 parking stalls, with entrances on both Pico Boulevard and Manhattan Place. SBH acquired the property in August 2013 for $3.8 mil.
Dan Hoogesteger and Chris Sands of Sands Investment Group Inc represented the seller in the transaction.
Eric Silverman, Managing Partner of SBH, noted, "When we acquired the property, we saw great opportunities in these infill urban retail markets, and not only were we proven correct, the property outperformed our expectations. While we still feel there is upside for the new owners, we had realized our vision for the investment and knew it was time to redeploy the capital."
|
|
Return to the Archive page
|
|
|
|
|