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June 17, 2019
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SOUTHERN CALIFORNIA NEWS
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L.A. Retail Portfolio Trades for $35 Mil

1/11/19

A four-property, 65.4k sf retail portfolio in the L.A. area has sold for $35 mil ($535/sf). The properties include a Petco located in Northridge and a Petco, Office Depot, and multi-tenant property all located in the South Bay.

Three of the properties are single-tenant. The fourth property is multi-tenant and includes restaurants such as Starbucks, Subway, Flame Broiler, and Sushi Boy. The Office Depot and multi-tenant strip center are outparcels to a very successful Walmart in Torrance, while the Petco in Northridge is an outparcel to a high-volume Costco.

Bill Bauman, Kyle Miller and Dan Samulski with Newmark Knight Frank (NKF) represented the seller, Beverly Hills-based investor Weiss Development. The buyers are a mix of private and institutional investors.

“There continues to be significant demand for well-located retail assets in Los Angeles. NKF advised the seller that a break-up strategy to individual investors would yield the highest value, therefore we deployed a patient strategy and targeted 1031 buyers and existing ownerships within the surrounding shopping centers. Three of the four buyers were active 1031 buyers with the fourth being an institutional owner that already controlled the balance of the shopping center,” said Bauman.





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