“The Stater Bros. supermarket at West Covina Village Community Shopping Center” (Credit: LoopNet)
The five biggest retail investment sales in Los Angeles County last month totaled just under $125 million, according to property records and data compiled by Real Capital Analytics.
Most of the properties on the list are low-rise shopping centers far from the city center. Prices per square foot ranged from $277 to $652.
1. West Covina Village — Deutsche Mellon | $66.9 million
This low-rise shopping center in West Covina that topped the list was acquired out of foreclosure. Deutsche Mellon National Asset, a New York-based entity formed in 2017, paid just under $67 million for the 229,000-square-foot shopping center. Tenants include a Stater Brothers supermarket, a Fedex Office Print and Ship Center, an L.A. Fitness, and an outdoors sports store. The previous owner was developer Ziad Alhassen, who built the property in 1982. As of late 2016, he had a nearly $40 million loan on the property that in special servicing.
2. Southwood Village — Triwell Properties | $21 million
The El Segundo-based developer purchased the 67,000-square-foot strip mall in Torrance from Crow Holdings of Texas. It secured a $10.4 million loan from JP Morgan. This is Triwell’s first retail purchase since April of 2010, according to Real Capital Analytics. The property is 97 percent leased to tenants including Dollar Tree, Goodwill, and Ace Hardware. Torrance saw an uptick in investment sales last year, but most of those were for industrial properties and office campuses.
3. Downey Gateway — Yong Ahn | $16.5 million
Yong Ahn, a Rancho Palos Verdes investor, purchased the Downey Gateway retail center with $9.2 million in financing from Pacific City Bank. The property, at 8250 Firestone Blvd Downey, CA 90241, was acquired through an LLC. At $652 per square foot, the Downey Gateway purchase was the most expensive on the list by that metric. So far, it appears to be Yong Ahn’s only real estate holding. The 25,000-square-foot shopping center is 91 percent leased to Subway, Burger City Grill and Pacific Fish Grill among others.
4. 18253 Colima Road — Colima Park | $10.5 million
Colima Park Investments acquired this two-story retail property from Buena Park-based Bass Investment and Management. The property is located at the intersection of Fullerton Road. Bass purchased the property two years ago for $9 million. Colima Park secured a $2.4 million loan with Bank of the West for the purchase. The property is fully leased.
5. 945 Crenshaw Boulevard — Camden Holdings | $10 million
The Crenshaw Boulevard property is occupied by a single tenant, a 36,000-square-foot Rite Aid. Beverly Hills-based Camden Holdings paid Topaz-Olympic LLC around $277 per square foot for the property.
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