Los Angeles County’s top 5 retail investment sales of January

The $67M purchase of a West Covina shopping center topped the list

Los Angeles /
Feb.February 20, 2018 05:00 PM
“The Stater Bros. supermarket at West Covina Village Community Shopping Center” (Credit: LoopNet)

UPDATED, 2:00 p.m., February 23:  The five biggest retail investment sales in Los Angeles County last month totaled just under $125 million, according to property records and data compiled by Real Capital Analytics.

Most of the properties on the list are low-rise shopping centers far from the city center.

 

1. Southwood Village — Triwell Properties | $21 million

The El Segundo-based developer purchased the 67,000-square-foot strip mall in Torrance from Crow Holdings of Texas. It secured a $10.4 million loan from JP Morgan. This is Triwell’s first retail purchase since April of 2010, according to Real Capital Analytics. The property is 97 percent leased to tenants including Dollar Tree, Goodwill, and Ace Hardware. Torrance saw an uptick in investment sales last year, but most of those were for industrial properties and office campuses.

2. Downey Gateway — Yong Ahn | $16.5 million

Yong Ahn, a Rancho Palos Verdes investor, purchased the Downey Gateway retail center with $9.2 million in financing from Pacific City Bank. The property, at 8250 Firestone Blvd Downey, CA 90241, was acquired through an LLC. At $652 per square foot, the Downey Gateway purchase was the most expensive on the list by that metric. So far, it appears to be Yong Ahn’s only real estate holding. The 25,000-square-foot shopping center is 91 percent leased to Subway, Burger City Grill and Pacific Fish Grill among others.

3. 18253 Colima Road — Colima Park | $10.5 million

Colima Park Investments acquired this two-story retail property from Buena Park-based Bass Investment and Management. The property is located at the intersection of Fullerton Road. Bass purchased the property two years ago for $9 million. Colima Park secured a $2.4 million loan with Bank of the West for the purchase. The property is fully leased.

4. 945 Crenshaw Boulevard — Camden Holdings | $10 million

The Crenshaw Boulevard property is occupied by a single tenant, a 36,000-square-foot Rite Aid. Beverly Hills-based Camden Holdings paid Topaz-Olympic LLC around $277 per square foot for the property.

5. Santa Clarita Plaza — Harvard 826 Property LLC | $9.5 million

Hersel Neman controls Harvard 826 Property LLC, which acquired the Santa Clarita Plaza, records show. The seller was Vintage Real Estate. The retail center is 38,500 square feet, and is located at 26111 Bouquet Canyon Road in Santa Clarita. It was built in 1950 and renovated in 1990.

Correction: An earlier version of this story incorrectly stated the West Covina Village Community Shopping Center in West Covina had been sold. It has not.


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