Retail buildings trade for $4.775M in LA County to owner-users
JLL brokered the sale of the two buildings to separate buyers
NEWPORT BEACH, Calif., April 23, 2020 – JLL Capital Markets announced today that it has closed the $4.775 million sale of two vacant retail buildings totaling 13,600 square feet in Los Angeles County.
JLL marketed the property on behalf of the private seller of each property and procured the buyers. Happy Sky, Inc. purchased the property at 11732 Rosecrans Ave. in Norwalk, and Bliss Car Wash purchased 120 S. Hacienda Blvd. in City of Industry.
The 8,100-square-foot building at 11732 Rosecrans Ave. was formerly occupied by Mega Shoe Factory and has an adjacent 29-stall parking lot. The one-story, freestanding building was completed in 1950 and is situated on 0.51 acres of land with direct frontage to a rare five-point intersection and visibility to a combined 74,900 vehicles per day. Located between Los Angeles and Orange Counties, Norwalk is a regional transportation hub and a film destination with local landmarks and residential pockets that include 236,747 residents within a three-mile radius of 11732 Rosecrans Ave. Happy Sky, Inc. plans on converting the property to a coin-operated laundromat.
120 S. Hacienda Blvd. is situated on two parcels totaling 1.13 acres in one of City of Industry’s main retail pockets, which exposes the property to more than 82,500 vehicles per day. With City of Industry’s business-focus, the daytime population is more than 90,000, and there are more than 186,400 residents who live within a three-mile radius of the property. Formerly a bank branch building with a drive-thru, the one-story, 5,500-square-foot property features 66 parking spaces on a rectangular lot. Bliss Car Wash plans to demolish the existing bank building and construct a state-of-the-art express car wash facility on the property.
The JLL Retail Capital Markets team representing the seller of both properties was led by Director Adam Friedlander.
“Both of these vacant retail properties closed escrow during the COVID-19 pandemic,” Friedlander said. “Even with all the uncertainty at present, this shows that the market still has appetite for well-positioned assets.
“The City of Industry deal was purchased all cash and closed escrow within 14 days,” Friedlander added. “A total of 15 offers were collected during the marketing process.”
The buyer removed contingencies on 11732 Rosecrans Ave. within 14 days even though they were obtaining a loan through Bank of Hope. The transaction closed in a total of 45 days. A total of five offers were collected on the Norwalk property during the marketing process.
According to Friedlander, dense, in-fill areas of Los Angeles and Orange County continue to remain highly sought after by developers and owner-users, especially those properties located on well-trafficked signalized corners. Fast food restaurants with a drive-thru, gas and convenience stores and car washes seem to be most active in their expansion efforts. Friedlander anticipates the market to remain competitive for value-add investment offerings in coastal California locations.
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 advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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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 $18.0 billion, operations in over 80 countries and a global workforce of more than 93,000 as of December 31, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.