Family Investment Vehicle Acquires LA Retail Anchor Store
Cushman & Wakefield has brokered the sale of a newly built single-tenant grocery property in Los Angeles, California for US $35 million.
Completed in 2020, the 29,456 SF property is located prominently on the southeast corner of Centinela Avenue and La Tijera Boulevard and benefits from the convergence of three major arterials, providing great visibility and high traffic volume - as well as easy access to Interstate 405, one of the region’s main freeways.
The anchor store of a new shopping center development, the property is leased by the grocery delivery and pickup service brand of one of the world’s largest companies, and supports a very dense population base within Los Angeles which includes multiple communities.
Attorney, Ron Goldie, represented the buyer - a multigeneration family investment portfolio from Beverley Hills, working with Cushman & Wakefield Vice-President, Kevin Held, to secure the asset.
The seller was Park Westchester Business Center, an affiliate of Red Mountain Group, which was represented by Bill Bauman and Kyle Miller of Newmark Knight Frank.
Held comments: "Taking advantage of this unique acquisition opportunity, our client has added to their Triple Net portfolio another irreplaceable, new construction asset in a desired infill Los Angeles location with a long term net lease corporately backed by a best in class global credit tenant.
"The location is one of the busiest commercial intersections in all Los Angeles County that can never be replaced in the trade area given rising land values."