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5/08/24
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A 6.3k sf 7-Eleven-anchored retail strip center in Los Angeles was acquired for $3.5 mil ($555/sf) in an all-cash buy. The fully leased, three-tenant property is located at 728 West Vernon Ave.
The property sits at the signalized intersection of Vernon Ave and Hoover St, less than a ˝ mile from the heavily traveled 1-110 which is a major freeway route in and out of downtown Los Angeles with an average traffic count of 300,000+ cars per day.
In addition to 7-Eleven (corporate lease), Boost Mobile and a well-established laundromat occupy the other two spaces. Built in 2000, the center features 330+ feet of unobstructed frontage, excellent pylon signage and is easily accessible from both Vernon Avenue and Hoover Street. The property is located in a densely populated area of south Los Angeles with over 66,000 people within a one-mile radius of the center.
Progressive Real Estate Partners’ President Brad Umansky, CCIM and Investment Sales Advisor Lance Mordachini represented both parties in the transaction. The seller is a Los Angeles County-based private investor, while the buyer is a private Los Angeles County-based investor and business operator who also owns other retail properties in the trade area.
“The 7-Eleven corporate lease and high-density Los Angeles trade area sparked a lot of interest resulting in multiple offers for the property,” noted Mordachini. “We were able to identify a highly qualified and motivated cash buyer with a proven track record in the trade area and went from listing to close in just 74 days.”
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