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12/19/23
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An L.A.-based exchange investor bought a 12.8k sf, multi-tenant retail center anchored by Dollar General in Inglewood for $4.15 mil ($324/sf). The seller was also a private investor based in Los Angeles.
Built in 1961 and remodeled in 2004, the Dollar General Center sits on 0.68 acres at 1000 South La Brea Ave in Inglewood, directly across the street from El Super Fresh market. In addition to Dollar General, the fully occupied center features a variety of internet-resistant tenants, including a medical clinic, tax services, hair salon, financial services and an ice cream and dessert shop.
Dollar General, a tenant since 2012, occupies 70% of the shopping center’s square footage. All tenants have been at the center since 2015 or earlier. The property is strategically located near SoFi Stadium (home of the Los Angeles Rams and Chargers), Hollywood Park (one of the largest mixed-use developments on the West Coast, including creative office space, retail, entertainment venue, hotel, and up to 2,500 new residences), Intuit Dome (home of the Los Angeles Clippers starting in 2024), and the Kia Forum (a 17,000-seat music and entertainment venue).
Kevin Fryman, Carlos Lopez, Sean Cox and Alexander Moore with Hanley Investment Group Real Estate Advisors represented the seller in the deal. The buyer was repped by Robert Toofer of Exclusive Realty of Los Angeles.
“Inflation is driving middle-income shoppers to Dollar General for essentials and discretionary items,” noted Fryman. “According to Placer.ai, the Dollar General at the Inglewood property is ranked in the top 2% of Dollar Generals in the nation and in the top 6% in California. The closest Dollar General store is 30 miles away.”
Fryman points out that the center’s strategic edge is that none of the shop tenants occupy spaces larger than 1k sf, even with the center fully leased. “Having shop spaces less than 1,000 square feet presents several advantages. Smaller shops are more affordable to rent and maintain, which can be beneficial for small business owners. They also provide more flexibility in terms of layout and design, allowing for more creative and unique storefronts. Additionally, smaller shops can attract more foot traffic and create a sense of community within the shopping center, leading to increased sales and customer loyalty.”
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