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The Real Deal Los Angeles

LA County’s top 5 retail investment sales of August

Top sale was a purchase in Westlake Village by the Sterling Organization
By Dennis Lynch |
Research by Laura Hanrahan
September 12, 2018 05:00PM

Sterling Organization CEO Brian Kosoy and North Ranch Gateway

An eight-figure purchase in Westlake Village by the Sterling Organization at the end of the month topped the priciest retail investment sales of August.

Together, the top five sales totaled $57.2 million. None of the others topped 7 million. July’s total was $49 million, while June’s was much higher at $85 million.

The list was compiled from property records collected by PropertyShark.

1. North Ranch Gateway — Sterling Organization | $35M

The Palm Beach-based firm paid around $404 per square foot for the shopping center at 30819 Thousand Oaks Boulevard. Sterling picked it up through its third-value add institutional fund, which it closed in July with nearly half a billion dollars to deploy. The circa-1989 retail park is about 86,500 square feet and is anchored by a T.J. Maxx discount store. The seller was a Westside-based LLC.

2. 28300 S. Western Avenue, Rancho Palos Verdes — JP Morgan Chase | $6.4M

This 40,100-square-foot property in Rancho Palos Verdes, just north of San Pedro, sits at the edge of a retail park. It was updated from a 5,300-square-foot restaurant built in the mid-1970s. The seller was Equitas Investments, a Hermosa Beach-based retail investment firm that specializes in single tenant triple net lease properties. It sold in 2016 for $3.2 million.

3. Catalina Plaza — Eagles 5 LLC | $6.2M

A Downtown-based LLC purchased this retail plaza just north of Wilshire Center from a Westside-based owner. The 14,500-square-foot corner property is home to a shopping center with a Laundromat and a Mexican food restaurant. The building at 3658 W 3rd St spans about 6,500 square feet and was developed in the mid-1980s, according to property records. Eagles 5 LLC appears connected to jeweler Kaveh Bral. It sold in 1988 for $73,000.

4. 12419 Norwalk Boulevard — Hope & Happy LLC | $5.6M

A Pico-Union area LLC picked up this bank building in Norwalk for around $661 per square foot. It is currently occupied by a Bank of America and is located next to a retail park with a Target store and Rite Aid pharmacy. The LLC is connected to Dr. Loghman Abdian, who runs a family practice nearby. The seller is a Hancock Park LLC tied to an individual named Daisy Ellis, who bought it in 1990 for $750,000.

5. 1412 14th Street, Santa Monica — Jakosky Properties | $3.9 million

The smallest property on the top 5 list sold to a Newport Beach property management company. The 7,500-square-foot lot includes a 3,700-square-foot single-story storefront. The seller is a Santa Monica entity run by Maoshing Ni, which purchased the property in 2009 for $1.2 million.