LA County’s top 5 retail investment sales of July

The top trades of July were mostly for strip mall properties

Aug.August 22, 2018 10:30 AM
7060 W. Sunset Boulevard

The five largest retail investment sales in Los Angeles County in July totaled $49 million, a drop of more than a third from June and the third straight month that sales dropped.

The top sales in June added up to $85 million, which followed May’s $121 million. July sales were slightly more than the $47 million in sales in April. While not a comprehensive indication of the market’s overall strength, the totals indicate the volume of major sales in L.A. County.
The numbers were compiled using data from PropertyShark.

1. 7060 W. Sunset Boulevard — Wilshire Property Management | $18.8M
The top sale of July was for an anchor retail space in a strip mall on the corner of Sunset Boulevard and N. La Brea Avenue currently occupied by a Ross Dress for Less discount retailer. Discount retailers have weathered the so-called “retail apocalypse” better than expected. The property was developed in 1987 and has 27,100 leasable square feet. The buyer is based in Beverly Grove. The seller was Palo Alto-based Tramiel Capital Inc.

2. 2207 Lincoln Boulevard — 2207 Lincoln Bell LLC | $8.4M
Once the home of a Taco Bell fast food joint, this corner lot on Pacific Street is now home to a Chick-Fil-A fast food joint. The restaurant opened in May. The buyer is an LLC with links to Arizona-based TradeCor LLC, which specializes in triple net lease properties and banks, drug stores, and fast food restaurants. The seller was an LLC tied to Stevenson Ranch lawyer Joseph Stark.

3. Glendale Center West — 324 Saint Catherine LLC | $7.2M
This strip mall center is located at 220 E. Chevy Chase Drive in Glendale and is anchored by a 7-Eleven and includes eight other tenants. The seller is Good Family Inc., a Reseda-based company linked to an individual named Bong J. Choi. The lot is about 22,600 square feet and the strip mall was built in 1981.

4. 14986 Imperial Highway — Two Hundred Yards LLC | $5.1M
This strip mall in La Mirada spans around 6,200 square feet. The buyer is linked to an individual named Aaron M. Perlmutter and is based in Manhattan Beach. An individual by that name holds a managerial role at the Beverly Hill-based investment firm Levine Leichtman Capital Partners. It last sold in early 2017.

5. 11410 Burbank Boulevard — Sanei Architecture Planning | $5M
This aging single-story string of storefronts in North Hollywood was built in 1963. Given that Sanei, a Japanese company, is involved in development and construction, it’s likely that this property is set for a makeover. Current tenants include a credit counseling service and a security guard service among others. The lot spans around 19,000 square feet.

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