The Small Space Marketplace

List Your Space

Find Space

Home About Us Executive Subscriber Membership RENTV Conferences Newsletter Contact Us Advertise
September 22, 2023
 Search RENTV
 The REview
News Home Page
Southern California
Northern California
Pacific Northwest
Prop. Management
Press Releases
 R. E. Marketplace
Service Providers
Property Spotlight
 RENTV  Conferences
Subscriber Login:
Forgot Password?

Printer-friendly Version   Email an Associate
Neighborhood Center in Whittier Goes for $277/sf


Desert Capital Ventures purchased La Pico Plaza, a 20.9k sf, Circle K-anchored neighborhood center in Whittier, for $5.8 mil ($277.50/sf) in an all-cash exchange transaction. The property, located at 9150 Painter Ave, was 100% occupied at time of sale.

Located at the signalized intersection of Painter Ave and Mulberry Dr, La Pico Plaza has almost 375 feet of frontage and excellent visibility to approximately 83,880 vehicles per day. Anchored by a high performing Circle K, the center features a diverse mix of 14 service-oriented local tenants primarily on NNN leases at rents that are well below market, providing the buyer significant upside potential by raising the rents to market levels over time.

Furthermore, La Pico Plaza is across from Whittier Union High School (11,500 students) and is the only commercial center at the intersection making it “the” neighborhood center for the nearby community. The center also benefits from strong demographics with over 186,000 people and an average household income of $95,000+ within three miles of the property.

Greg Bedell, CCIM, with Progressive Real Estate Partners, represented the seller in the deal, which closed with a 4.6% cap rate. Drew Wetherholt with Marcus & Millichap repped Desert Capital, which owns a portfolio of commercial properties across the US and actively seeks value-add opportunities such as La Pico Plaza.

Return to the Archive page



Home | About Us | Newsletter | Contact Us | Executive Subscriber Membership | Executive Subscriber Home | Advertise
Southern California | Northern California | Pacific Northwest | Southwest | Retail | Multifamily | Financing | Property Management
Archives | Press Releases | Service Providers | JobWorks | Property Listings

Copyright © 2023 by RENTV, All Rights Reserved
Website designed by Regency Web Services, Inc. and powered by Lightning Media