Reliable Properties Acquires Retail Property In Downtown LA For $44.8M

The Ovaness-Rostamian Group of Marcus & Millichap represented both the seller and buyer in the all-cash purchase of a legacy trophy neighborhood shopping center in Downtown Los Angeles. The property, located at 408-530 East Washington Blvd., spans 5.58 acres and offers a total building area of 136,908 square feet. The sale price for this retail asset was $44,750,000 with a price per square foot of $326.

Summary of Transaction Details

• Property Type: Retail
• Transaction Amount: $44,750,000
• Address: 408-530 East Washington Blvd.
• Market: Downtown Los Angeles
• Land Area: 5.58 acres
• Total Building Area: 136,908 square feet

The buyer, Reliable Properties, engaged the services of Orbell Ovaness and Ara Rostamian from the Ovaness-Rostamian Group, which operates under Marcus & Millichap. This neighborhood shopping center is currently fully occupied and features 99 Cents Only and Rite Aid as anchor tenants, along with various other national brands such as Davita Dialysis, Ace Cash Express, Dunkin' Donuts, Baskin Robbins, Waba Grill, El Pollo Loco, T-Mobile, Panda Express, and Boost Mobile. The property's generational high-density development potential is augmented by its Transit Oriented Community (TOC) "Tier 3" zoning, which allows for a potential development exceeding 2 million square feet of building area and over 1,000 multi-family dwelling units.

For more information, please contact Orbell Ovaness at 213-943-1822 or email [email protected].