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3/01/18
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Verdugo Plaza, three retail buildings totaling 21.9k sf of space in northeast Los Angeles, traded hands in a recent $6.2 mil ($283/sf) transaction. The buyer was Coda Equities, a Los Angeles-based real estate investment firm.
Verdugo Plaza is located at 3322 Verdugo Rd and 2614 Arthur St, just east of Eagle Rock Blvd and the 2 Fwy in the Glassell Park area. Two buildings have undergone reconstruction in recent years.
With the property’s current occupancy at 53%, the acquisition presents a value-add opportunity to improve, revitalize, and modernize the center, which caters to the needs of the changing local community.
Karol Le of CBRE represented the buyer and the seller, a private trust, in the deal.
“This center serves as a destination for millennials, artists, writers, musicians, hipsters and working class of the Glassell Park community,” said Le. “It’s irreplaceable and fills an important role in this neighborhood.”
Verdugo Plaza is situated about a mile from the highly anticipated Los Angeles City “Crown Jewel” acquisition site known as G2; a 41-acre parcel along an 11-mile stretch of the LA River that offers strong future value, habitat and redevelopment potential.
The outlook for the Greater Los Angeles retail market remains steady over the next 12 months, according to CBRE’s latest quarterly report. Momentum gained over the last few years is likely to level. Vacancy levels are projected to move up slightly throughout 2018, while rental rate growth is also expected to increase gradually over the next four quarters.
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