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December 10, 2023
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NY Investor Pays $869/sf for New LA Area Retail Property Pre-Leased to Target


A New York-based private investor paid $48.7 mil for a 56k sf ($869/sf), freestanding retail property in Huntington Park. The property, located at 5731 Bickett St, is expected to be completed by developer Shane Companies in January 2023 and is fully leased to Target under a long-term triple net lease.

Shane Companies started construction on the property in June 2022. Situated on 4.1 acres roughly six miles south of downtown Los Angeles, the site will boast a brand new Starbucks, Tesla charging stations and the urban format needed for Target.

Jason Maier of Stan Johnson Company represented the 1031 exchange buyer in the deal. Alvin Mansour with The Mansour Group of Marcus & Millichap repped the seller. David Horowitz at Cooper Horowitz arranged the financing, funded through Principal Life, while Jonathan Margolis with Morrison Cohen LLP provided legal representation for the buyer.

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