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8/14/17
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In a recent LA-area retail investment sale, The Gardens, a 58k sf retail asset in Hawaiian Gardens, traded for $22 mil, or $379/sf. The property was 96% occupied at the time of sale. The center’s major tenants include 99 Cents Only, Wing Stop and Subway.
The property is located at 12101-12171 Carson St, at the intersection with Norwalk Blvd. It sits in a busy infill location, within blocks of the Gardens Casino, Tri-City Regional Medical Center, Los Cerritos Mall, and the 605 Fwy.
CBRE’s Alex Kozakov and Patrick Wade represented the seller, AU Zone Investments #2, LP. Newmark Grubb Knight Frank represented the unidentified, LA-based buyer. Shaun Moothart, Bruce Francis, Dana Summers, Doug Birrell and Bob Ybarra at CBRE Debt & Structured Finance arranged the non-recourse financing on behalf of the buyer.
“The City of Hawaiian Gardens offers an outstanding business area profile in regard to location, people, neighborhoods as well as opportunities,” said Kozakov. “Hawaiian Gardens is central to Downtown Los Angeles and its economic core, but is far enough away from the costs associated with such an urban metropolis.”
Hawaiian Gardens features quality stable neighborhoods and a relatively low crime rate. The city is also home to the 57k sf Gardens Casino that opened in 1996.
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