After last trading hands in 2006, a 136,908 square-foot neighborhood retail center in downtown Los Angeles has been sold. According to Marcus & Millichap, which arranged the sale on behalf of the seller, the property was acquired by Reliable Properties for $44.75 million, or about $327 per square foot. The property was sold by Huntington Beach-based investment company Eagles Nest Property.
The property, also referred to as Washington Plaza, is located at 408-530 E. Washington Boulevard. The property encompasses an entire city block, or about 5.5 acres of land, and is anchored by 99 Cents and Rite Aid.
The fully-occupied retail asset is also leased to a myriad of other national tenants, including Davita Dialysis, Ace Cash Express, Dunkin’ Donuts, Baskin Robbins, Waba Grill, El Pollo Loco, T-Mobile, Panda Express and Boost Mobile.
While tenants are currently on long-term leases, the property also has potential to be redeveloped once all leases roll, according to Marcus & Millichap. With its close proximity to the Metro San Pedro Station, the property site is zoned for a transit oriented community with an allowance of 1,000 residential units.
In addition to the metro station, the property is also less than two miles from the University of Southern California and near various attractions in downtown Los Angeles. These include the LA Forum, Staples Center and L.A. Live, among others.
Since 1975, Reliable Properties has invested and developed properties throughout Los Angeles. According to the company’s website, Reliable Properties specializes in the new construction or rehabilitation of shopping centers, office buildings and residential properties.
