SOLD
Reliable Properties Acquires Retail Property In Downtown LA For $44.8M
408-530 East Washington Boulevard
Retail
136,908 SF
136,908 SF
Sold 1 year ago
Summary
Sale
CALIFORNIA
Retail
136,908 sqft
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].
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Details
SOLD
IMAGE: Orbell Ovaness & Ara Rostamian
DATE: 02/25/2022
ADDRESS: 408-530 East Washington Blvd.
MARKET: Downtown Los Angeles
ASSET TYPE: Retail ~ ACRES: 5.58
BUYER: Reliable Properties (@Reliable.Properties)
BROKERS: Orbell Ovaness (@Brkr_Dis) & Ara Rostamian (@Rostamian_Deals) (Ovaness-Rostamian Group) (@Ovaness_Rostamian) - Marcus & Millichap
SALE PRICE: $44,750,000
SF: 136,908 ~ PPSF: $326
NOTE FROM BROKER: Price: $44,750,000 All Cash Transaction
Building: 136,908 SF
Land: 5.58 Acres
The Ovaness-Rostamian Group of Marcus & Millichap, exclusively represented the Seller & Buyer in all cash purchase of a legacy trophy neighborhood shopping center with generational high-density development potential.
Currently the 136,908 sq. ft. neighborhood center is fully occupied & anchored by essential grocery & drug tenants 99 Cents Only & Rite Aid with long term historical occupancy. The anchors are joined by a myriad of nationals tenants such as Davita Dialysis, Ace Cash Express, Dunkin’ Donuts, Baskin Robbins, Waba Grill, El Pollo Loco, T-Mobile, Panda Express & Boost Mobile.
Washington Plaza encompasses an entire city block totaling 243,000 sq. ft. of land. The site benefits from Transit Oriented Community (TOC) “Tier 3” zoning, which allows a potential development in excess of 2 million square feet of building area with over 1,000 multi-family dwelling units.
For more information, please contact Orbell Ovaness 213-943-1822 or email: [email protected]View on map
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Address408-530 East Washington Boulevard
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