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Commercial
Los Angeles

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

A high-profile trade in Hollywood topped the list

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

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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.

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Commercial Real EstateInvestment Sales