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7/11/22
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A private trust paid $7.3 mil for an 18.6k sf ($392/sf), single-tenant retail building fully occupied by ALDI in the Los Angeles-area city of Downey. The property was sold by Westland Real Estate Group.
Positioned on 1.65 acres at 11215 Lakewood Blvd, the Downey ALDI is in the heart of the city at the signalized intersection of Lakewood and Firestone boulevards, a highly visible location with 45,000 vehicles passing daily. The property is near the Downey LINK, the city’s buss transit system that connects several area cities, making the transit-oriented location easily accessible. Additionally, this dense, urban, infill location houses 802,000 residents with an average annual household income of $60,000 within a five-mile radius.
The Downey ALDI benefits from having its own dedicated parking lot on the property. ALDI has occupied the property since it was constructed in 2017.
Eric Kathrein and Warren McClean with JLL Retail Capital Markets represented the buyer in the deal. JLL Research’s Grocery Tracker 2022 report details how ALDI tops the list of new store openings in 2021, as it was the most active grocer in 2019 and 2020.
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