CBM1 principal Rick Rivera and Senior Vice President Jason Ehrenpreis recently completed the sale of a newly constructed corner retail strip center at 2580 Venice Boulevard in South Los Angeles. The property traded for $6,100,00.
A ground-up development, the property is situated at the major signalized intersection of Venice Boulevard and Arlington Avenue. The site features a 4,391 SQFT retail building on a 15,682 SQFT lot. The 7-Eleven anchored center includes two additional co-tenants, Piara Pizza and Margarita’s Place Mexican restaurant, plus an income-generating billboard leased by Ellmar Outdoor Media.
The well-located site is just east of Western Boulevard and just south of the 10 freeway, surrounded by the steadily gentrifying South Los Angeles communities of West Adams, Jefferson Park, and Arlington Heights. Further signs of the area’s revitalized economic status include several nearby new and under construction residential and retail developments, including the CVS + Food4Less anchored Western Plaza Shopping Center.
Mr. Rivera + Mr. Ehrenpreis represented the Seller. Young Park of New Star Realty represented the buyer, a private investor.
“7-Eleven [anchor tenant] is certainly the property’s most attractive feature,” says CBM1’s Rick Rivera, adding, “but the surrounding area’s gentrification over the past two-plus decades was another major factor [to netting an aggressive purchase price].” The growing number of condominiums, apartments, and retail properties developed in the area have “raised land values” and “increased interest among developers and investors,” according to Rivera.
For more information on this transaction or CBM1 brokerage services, contact Rick Rivera at 310.231.5201 | rickr@cbm1.com or Jason Ehrenpreis at 310.231.5213 | jason@cbm1.com.
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