Los Angeles, CA – November 2018, Centers Business Management (CBM) completes a new leasing transaction with a community health care clinic west of Downtown Los Angeles.
CBM leasing agent, Matt Saker recently completed a lease transaction, representing the landlord in a deal with UniCare (community healthcare services provider) on 9,300 SQFT unit in a newly redeveloped shopping center. The property is situated on heavily-trafficked Alvarado Street, just off the intersection of Alvarado and 7th street. Located immediately south of MacArthur Park and less than a block from the Alvarado Metrorail Purple Line station, the center is ensconed in one of Los Angeles’ most densely populated neighborhoods.
UniCare is a Southern California-based community healthcare services provider. The organization was initially founded in 2013 to address healthcare needs for financially challenged families in Eastern Los Angeles County and Western San Bernardino County. UniCare offers a full range of internal medicine, behavioral management, optometry, and dental care to low-income individuals and families. Since the organization’s initial launch some five years past, UniCare has open six locations (including the Alvarado site) and is currently evaluating plans for additional expansion in greater Los Angeles and the Inland Empire.
This deal presented a “unique dilemma” for leasing agent, Matt Saker. The circumstances forced him to balance the “reality of area demographics” with the landlord’s “grand” financial expectation. “The residential population surrounding the center is EXTREMELY dense,” Saker notes in reference to the 140,000+ inhabitants residing within a 1-mile radius of the property. “But the average household income is under $45,000 annually,” Saker adds, further elaborating: “As such, the type of businesses that typically succeed in this locale service a lower income populous – donuts shops, mini-markets, discount and dollar stores, etc…”
Yet despite the area’s financially challenging demographics, and the center’s relative lack of parking, the landlord was intent upon achieving what Saker termed an “ambitions” rental rate. “UniCare expressed initial interest, as the demographics are a solid fit for their use-type, but were wary of the substantial asking price,” Saker relates. “But when competing for offers started rolling in [Saker fielded at least two additional offers from reputable tenants], UniCare stepped up and agreed to the landlord’s terms,” Saker reveals, adding: “That said, given the area’s pervasive low-income demographics, the location is PERFECT for UniCare. And the landlord secured a VERY competitive rental rate on a 10-lease term.” In the end, the deal proved a: “Huge win for both parties!” Saker declares.
“From ‘Doc in a Box’ to larger scale community healthcare providers [like UniCare], medical uses continue to make huge inroads in retail,” says Rick Rivera, CBM president. “It’s a clear sign of retail’s evolving landscape, and also illustrates the growing realization that seemingly ‘non-traditional’ tenants represent the highest and best use for many retail properties. Which is definitely the case for this site,” Rivera adds in reference to community healthcare being an ideal match for the surrounding area’s demographic composition.
For more information about CBM and their retail leasing and property management services, please contact: Rick Rivera 310.575.1517 x201 | email@example.com.