|
2/13/17
|
A 24.6k sf, single-tenant, retail building occupied by Numero Uno Markets in Los Angeles was purchased for $17.9 mil ($728/sf) by an unidentified local private investor. The deal closed at a capitalization rate of just 3.99%.
The property is situated on 2.76 acres at 261 S. Burlington Ave, at the northwest corner with 3rd St, a couple of blocks east of Alvarado St. The site has multiple zonings, offering potential for future development at the expiration of the existing lease.
Numero Uno Markets is on a long-term, triple-net corporate lease. The retailer has been reporting exceptional sales at this location, situated between Downtown Los Angeles and Koreatown, two fast-growing, dynamic communities. The immediate trade area is one of the most densely-populated neighborhoods in California with more than 560,000 people within a three-mile radius of the site.
Arthur R. Flores with CBRE represented the seller, an Orange County-based family partnership. The buyer, a Los Angeles-based private investor who purchased the asset as an addition to his real estate portfolio, was repped by Janet Newman of Charles Dunn Company Inc.
“The strong competition to acquire Numero Uno indicates the continued investor preference to own dense, urban, infill sites in Los Angeles,” said Flores, who pointed out that the property garnered interest from a diverse buyer pool of investors seeking a long-term, stable investment in a core location, with future development upside.
|
|
Return to the Archive page
|
|
|
|
|