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10/23/23
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Vernon Shopping Center, a 14k sf retail asset located in the heart of the City of Vernon was acquired by California-based Wimatex Inc for $4.7 mil ($336/sf) as part of a 1031 exchange transaction.
Built in 2017 and situated on 1.25 acres at 2544-2550 Alameda St, Vernon Shopping Center is 77% occupied by Jersey Mike’s and Cafe Dulce, among others, and provides ample parking allowing easy access to retailers. The asset is just a few miles from downtown Los Angeles.
Chris Maling and David Maling with Avison Young represented the seller, DP Vernon Retail, LLC and procured the buyer. According to Dave Maling, an all-cash offer and quick closing made the deal very attractive to the seller. In this market of high interest rates and financing hurdles, all-cash offers carry significant weight.
Vernon is an industrial city of 5.2 square miles located several miles to the southeast of downtown Los Angeles in Southern California. Vernon currently houses more than 1,800 businesses that employ approximately 50,000 people, serving as a vital economic engine in the region. Firms with significant operations in Vernon include 7 For All Mankind and Tapatío Hot Sauce. Vernon maintains strong philanthropic ties with the neighboring communities where much of its workforce lives, providing significant financial support for public services like health care and education.
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