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June 22, 2024
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Reliable Properties Pays Over $44 Mil for Retail Asset in Los Angeles


Reliable Properties has acquired Washington Plaza, a 136.9k sf, grocery-anchored shopping center located on an entire city block in Downtown Los Angeles, for $44.75 mil ($327/sf). The property was sold by SoCal-based Eagles Nest Property LLC.

The center is located on a 243k sf site along the highly traveled Washington Boulevard Corridor, directly adjacent to Los Angeles’ Financial District. The San Pedro Street Metro station is one block away and the University of Southern California is close by.

Anchored by long-term tenants 99 Cents Only and Rite Aid, the center was fully occupied at the time of the sale. National tenants include DaVita Dialysis, Ace Cash Express, Dunkin’ Donuts, Baskin Robbins, WaBa Grill, El Pollo Loco, T-Mobile, Panda Express & Boost Mobile.

Orbell Ovaness and Ara Rostamian with the Ovaness-Rostamian Group of Marcus & Millichap represented the seller and also procured the buyer.

“Given its proximity to the San Pedro St. Metro station, the acquisition creates a generational opportunity to maximize the development density of the site as it benefits from Transit Oriented Community Tier 3 zoning,” commented Ovaness. “This designation increases the by-right floor area zoning from 6:1 to 9:1, which allows for potential development of over 2 msf. Furthermore, the Tier 3 density allows for a mixed-use development that could include 1,000 multifamily units.”

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