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5/06/25
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Mushmel Properties of Los Angeles purchased the 54.9k sf, Ralphs-anchored ground-floor retail component at Market Lofts, a mixed-use condominium development in Downtown Los Angeles. The asset traded for $20.9 mil, or about $380/sf.
Completed in 2007, Ralphs at Market Lofts is located at 645 W. 9th St and was the first grocery store to open in Downtown Los Angeles since the 1950s. Developed by Lee Homes and CIM Group, and designed by KTGY, the seven-story mixed-use community features six floors of residential lofts, totaling 267 units, built above ground-level retail and a subterranean parking garage. The retail component is anchored by a 49.5k sf Ralphs Fresh Fare grocery store, along with six additional tenants: The UPS Store, Supercuts, Simply Salads, Qwench Juice Bar, Honeymee and Momi Sushi.
Located at the signalized intersections of Flower and 9th streets and Hope and 9th streets, Ralphs at Market Lofts benefits from high visibility, strong pedestrian traffic, and excellent accessibility. The tenant mix — including grocery, restaurant, and service-oriented retailers — offers 100% internet-resistant uses. There is also limited grocer competition. (Target opened in 2010 and Whole Foods opened in 2015.)
The property is adjacent to key Downtown Los Angeles destinations including Crypto.com Arena, LA Live, and the Los Angeles Convention Center. Within a one-mile radius, the property draws from a residential population of 85,000 with an average household income of $97k. The daytime population reaches 200,000, and more than 1.2 million people live within five miles.
Lee Csenar with Hanley Investment Group Real Estate Advisors and Carlos Lopez SRS Capital Markets represented the all-cash buyer and the seller, MDC Realty Advisors, out of Denver. According to Csenar, the listing generated multiple qualified offers with the buyer agreeing to a 15-day due diligence period.
“Ralphs has achieved high sales volumes at Market Lofts as the dominant grocer in Downtown Los Angeles,” Lopez commented. “The project’s full occupancy and grocery-anchored tenancy, along with its long-term income stability, offer a secure investment opportunity in the heart of Downtown Los Angeles.”
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