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.
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.