LA’s priciest retail deals of Q2 2016

Cypress Equities took the gold with $250M Burbank center, car dealership mogul to develop land in Playa Vista ... and more

TRD LOS ANGELES /
Jul.July 12, 2016 03:00 PM

Updated, 10:25 a.m., July 13: Los Angeles retail investors shopped until they dropped in the second quarter of 2016.

In the list below, The Real Deal takes a look at some of the top retail sales of April, May and June in L.A. County.

Burbank Town Center, $250 million

Cypress Equities doled out a whopping $250 million for a majority stake in the Burbank Town Center shopping plaza. But the Dallas-based firm got bang for its buck, as the property spans 37 acres. As part of the deal, Crown Realty & Development is now the minority owner of the eight-block mall around the intersection of East Magnolia Boulevard and San Fernando Boulevard. Anchor tenants include Macy’s, Sears and Burlington.

5748-5756 Mesmer Avenue, $83 million

The Real Deal broke the news last month that car dealership owner Hooman Nissani had purchased an 8.5-acre site in Culver City for about $83 million, planning “one of the largest projects ever done in automotive history” for the site. In the first phase, he will redevelop the 128,340-square-foot building on the site into an auto center to house six dealerships he already owns. The next phase is a mixed-use complex developed by Lincoln Property Company.

Stevenson Ranch Plaza, $72.5 million

With seven separate properties, the Stevenson Ranch Plaza portfolio cost InvenTrust Properties, a national real estate investment trust, a total of $72.5 million. Only one building wasn’t 100 percent leased at the time of the sale, TRD previously reported. Tenants include Ralph’s grocery store, L.A. Fitness and a FedEx Kinkos. InvenTrust said it does not have any major redevelopment plans for the complex.

Santa Clarita Bouquet Center, $59 million

San Diego-based Retail Opportunity Investments bought this seven-property portfolio for $59 million from seller DSB Properties. Dubbed the “Bouquet Center,” the 12-acre shopping plaza at 26502 to 26586 Bouquet Canyon Road was built in 1985 and renovated in 2007. At the time of the sale, tenants included CBS, Ross Dress for Less, Chase, Wendy’s Jersey Mike’s and more, according to CoStar.

9388 South Santa Monica Boulevard, $37 million

Force-Rexford Investments bought the fully leased building for $37 million from Vintage Property Management in April. The two-story property totals over 18,000 square feet and is located close to other high-end retail venues in the neighborhood. It was built in 1936.

Walnut Hills Village, $34.7 million

Pasadena’s Westco Properties scored a State Bros supermarket storefront for under $35 million in the affluent city of Walnut last month. The sellers were private property owners Ruey Chyr and Je Tsu Kao, according to CoStar. The 1993-built structure at 20677 Amar Road was 95 percent leased at the time.

Northeast corner of 2nd and Olive Streets, $31 million

The Colburn School may be involved in a tiff between the City and developer Jeffrey Fish, but the performing arts school seems to have been secretly making arrangements of its own. The conservatory bought a lot on West 2nd Street, between Olive and Hills Streets, for $31 million recently. The land is currently occupied a parking lot. The seller was System Property Development Company.

Correction: An earlier version of this story misidentified the location of the Colburn School property as 230-234 Winston Street


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