CBRE announced the sale of three retail buildings in Northeast Los Angeles for a total of $6.2 million.
Karol Le of CBRE represented the buyer, Coda Equities, a Los Angeles-based real estate investment firm.
Located at 3322 Verdugo Road and 2614 Arthur Street, Verdugo Plaza consists of three freestanding buildings, totaling 21,885 square feet. Two buildings have undergone reconstruction in recent years. With occupancy at 53%, the acquisition presents a value-add opportunity to improve, revitalize, and modernize the center, which caters to the needs of the changing local community.
“This center serves as a destination for millennials, artists, writers, musicians, hipsters and working class of the Glassell Park community,” said Le. “It’s irreplaceable and fills an important role in this neighborhood.”
Verdugo Plaza is situated about a mile from the highly anticipated Los Angeles City “Crown Jewel” acquisition site known as G2; a 41-acre parcel along an 11-mile stretch of the LA River that offers strong future value, habitat and redevelopment potential.
“This transaction represents the ideal retail investment story of two hard-working immigrants, who, in their retirement age, pass their pride of ownership center of 20 years to an avant- CBRE Press Release garde, community focused investment group,” said Le. “Coda Equities has the vision and capacity to elevate the property to its greatest use and in that serve the public better.”
The seller, a private trust, was also represented by Le.
The outlook for the Greater Los Angeles retail market remains steady over the next 12 months, according to CBRE’s latest quarterly report. Momentum gained over the last few years is likely to level. Vacancy levels are projected to move up slightly throughout 2018, while rental rate growth is also expected to increase gradually over the next four quarters
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2017 revenue). The company has more than 80,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
