ALDI-occupied retail building near Los Angeles sells for $7.3M
JLL Capital Markets arranged the acquisition of the single-tenant retail building in Downey, California
SAN FRANCISCO, Calif., July 7, 2022 – JLL Capital Markets announced today that it has arranged the $7.3 million acquisition of a single-tenant retail building fully occupied by ALDI in the Los Angeles-area community of Downey, California.
JLL represented the buyer, a private trust, who acquired the property from Westland Real Estate Group.
ALDI is cosidered to be the world’s first discount grocer and has occupied the property since it was constructed in 2017. JLL Research’s Grocery Tracker 2022 report details how ALDI tops the list of new store openings in 2021, as it was the most active grocer in 2019 and 2020. The Downey ALDI benefits from having its own dedicated parking lot on the property.
Positioned on 1.65 acres at 11215 Lakewood Blvd., the Downey ALDI is in the heart of the city at the signalized intersection of Lakewood and Firestone boulevards, a highly visible location with 45,000 vehicles passing daily. The property is near the Downey LINK, the city’s buss transit system that connects several area cities, making the transit-oriented location easily accessible. Additionally, this dense, urban, infill location houses 802,000 residents with an average annual household income of $60,000 within a five-mile radius.
The JLL Retail Capital Markets Investment Sales and Advisory team representing the buyer was led by Eric Kathrein and Warren McClean.
“We continue to see the strength of net-leased grocery assets,” Kathrein said. “The ALDI brand and this asset are very well positioned for continued growth and market share. We were happy to be able to acquire such a great asset for our client.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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Jones Lang LaSalle Americas, Inc. ("JLL") is a real estate broker licensed with the California Department of Real Estate, license #01223413.
About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 100,000 as of March 31, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Westland Real Estate Group
Westland is the owner and operator of multi-family residential, retail properties and manufactured home communities. The portfolio includes 14,000 units across all divisions. With over 40 years’ experience, the family-owned company has a solid history of successfully identifying growth opportunities and efficiently operating properties.