Los Angeles County’s top retail investment sales of February
Los Angeles County’s top retail investment sales of February totaled $86.5 million, covering a cross-section of activity in the area. The most expensive transaction was for a five-acre retail park in La Verne, which tallied $244 per square foot.
The numbers were compiled from property records by Real Capital Analytics.
1. La Verne Courtyard — Evan & MC LLC | $20.7 million
The top sale of the month the five-acre La Verne Courtyard in La Verne. Evan & MC LLC was listed as the buyer. The retail park is anchored by an Aldi supermarket and totals 85,000 square feet of built space. The seller is Charles Company. Arcadia-based Evan & MC picked up the property through Chainarc LLC, which has a diverse portfolio spread around the L.A. area. Evan & MC’s portfolio includes three other retail properties east of Downtown and Pasadena.
2. 1312 Abbot Kinney Boulevard — MedMen | $19.4 million
A private equity firm specializing in the marijuana business picked up this 4,800-square-foot retail location in Venice from a family trust. MedMen’s leadership includes former BlackRock chief investment officer of fundamental equities Chris Leavy. https://therealdeal.com/2017/10/29/why-private-equity-is-getting-into-growing-marijuana-and-what-it-means-for-re/ The firm is raising money to grow and sell marijuana in L.A., Las Vegas, and Midtown Manhattan, so this property could be a future retail space for their business.
3. Triangle Center — Bastion Development | $17.5 million
Canada-based Bastion Development Corp. nabbed this 16,000-square-foot single-story strip mall in early February from Kennedy Wilson, a large equity fund with more than 450 assets worldwide. The property is about halfway between downtown Culver City and Venice on Washington Boulevard, not far from Venice Boulevard.
4. 8811 Beverly Boulevard — Lenton Properties | $16.9 million
The buyer of the 9,200-square-foot property is Lenton Properties, a private investor with 13 retail properties, mostly centered around West Hollywood and Beverly Grove. Lenton’s principal is Shirin Yousefzadeh Akhtarzad, who is involved in the Nasa Group, an investor group. The property is occupied by a single tenant, furniture retailer Maxalto.
5. 1046 S. Olive Street — USA Zhongzhi Realty Investment | $12 million
An LLC called USA Zhongzhi Realty Investment is the buyer for this deal on the edge of Downtown. Records tie the USA Zhongzhi to an El Monte EB-5 investment brokerage and investors Meishuang Wang and Quianquian Ying. The seller of the 21,500-square-foot, single-story retail space was the Meruelo Group, a Downey-based investor with mostly retail and residential properties around the L.A. area. It also owns the Grand Sierra Resort and Casino in Reno, Nevada.
Research by Haru Coryne