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6/01/17
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A Ross Dress for Less retail property in Los Angeles was acquired by SAFCO Capital Corporation for $18 mil. Ross still has seven years remaining on its initial lease term. The asset, sold by OC-based Pico and Alvarado Los Angeles LLC, traded at a low cap rate of just 4.68%.
The building, located at 2021 West Pico Blvd, at the intersection with Alvarado, sits within LA’s Pico Union District, one of the most densely populated trade areas in Southern California. The property is also near LA Live, the Los Angeles Convention Center and Staples Center.
CBRE’s Arthur R. Flores represented the seller in the deal. Charles Dunn Company’s Janet Neman, repped the buyer.
The Los Angeles retail market experienced positive momentum at the end of 2016, which is expected to carry into 2017, according to CBRE Research. Occupancy levels are expected to remain steady over the next 12 months, even with new construction deliveries, while rents are projected to increase another 1.3 percent.
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