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The Real Deal Los Angeles

Here are LA County’s top 5 retail investment sales in May

A high-profile trade in Hollywood topped the list
By Dennis Lynch and Laura Hanrahan | June 21, 2018 03:00PM

Space 15 Twenty with Artisan Realty Advisor Executives Mark Laderman and Collin Komae

Los Angeles County’s top five retail investment sales of May totaled nearly $121 million, with the biggest trade taking place in Hollywood. The properties included a high-end concept store, a strip mall and a 100,000-square-foot mall.

The biggest ticket sale at $61 million was Space 15 Twenty, a concept store on North Cahuenga Boulevard. That one alone beat out the total for all five retail investment sales in April. Those combined for $47 million.

The May investment sales figures were compiled by property records by Real Capital Analytics and PropertyShark.

1. Space 15 Twenty ­— Artisan Realty Advisors | $61M

Artisan Realty paid around $1,525 per square foot for the two-building marketplace at 1520 Cahuenga Boulevard. The sellers were a pair of LLCs tied to Gil Zahevi, Asher Tal and Yigal Reani They paid $13.3 million for the complex in 2006. Tenants include trendy retailers Urban Outfitters and Free People, primo hamburger joint Umami Burger and skateshop Pharmacy Boardshop.

2. Santa Fe Springs Marketplace — American West Properties | $28.5 million

The Lake Forest firm paid $285 per square foot for this 100,100-square-foot retail center in Santa Fe Springs, a city in southeast L.A. County. The seller was Watt Companies, a Santa Monica-based firm. American West Properties secured an $18.5 million mortgage with Ladder Capital. Tenants include a Food 4 Less supermarket, Citibank, Dollar Super Store, and Rite Aid.

3. 1130 E. Colorado Boulevard — Fu Shen Chen | $11.5M

Investor Fu Shen Chen added to his Pasadena-area portfolio with the purchase of this single tenant retail location, currently occupied by Office Depot. Fourns Management Inc. sold the San Gabriel-based investor the property after purchasing it for $10.2 million in mid-2015. The sale comes out to $479 per square foot.

4. 1205 North Grand Avenue — Caton Family Trust | $10.8M

A trust with half a dozen or so parties paid $193 per square foot for this strip mall property in Walnut. The seller was Sigma Enterprises Inc., a Brea-based firm that now counts a single property in Temecula in its portfolio. The North Grand Avenue property totals 55,600 square feet and includes Subway as a tenant.

5. 24413 Crenshaw Boulevard — Barings (MassMutual) | $9M

The investment management wing of the Massachusetts Mutual Life Insurance Company picked up this single tenant, 14,200-square-foot property for $634 per square foot. The tenant is the pet goods retailer Petco. The Beverly Hills firm Weiss Development had owned it for 13 years. It paid $7.5 million for the property in 2005.