CBRE announced the sale of the Triangle Center retail property located in Culver City and Los Angeles to foreign-based Bastion Development Corp. for $17.5 million.
Alex Kozakov, Patrick Wade and Neal Golub of CBRE represented the seller, Triangle Center, LLC, a private investor, and Mary Cronin of Urban Real Estate represented the buyer.
The 16,128 square-foot strip center, which cuts across the LA and Culver City boundaries, is located at 12717-12761 Washington Blvd. in Culver City and at 3984 & 3988 Meier Street in Los Angeles. It features four single-unit tenants and a free-standing 99 Cents Only store.
“This is an ideal repositioning opportunity in one of West LA’s hottest neighborhoods,” said Kozakov. “The current tenants are all in short-term leases, which allows the new owner to collect an income stream while offsetting expenses during the entitlement and repositioning process. This is a one-of-a-kind chance.”
The deal procured more than 550 signed confidentiality agreements and more than 20 offers, symbolizing the great demand for quality retail properties in Los Angeles, according to Golub.
“This site sits at the western edge of Culver City and very close to the highly desirable West Los Angeles submarkets of Mar Vista, Marina Del Rey and Venice Beach,” said Wade. “The property benefits from an exceptional location with proximity to the beach and major public transit.”
The property is located in an area that is home to 271,000 people with an average household income of more than $112,000 in a three-mile radius. The outlook for the Greater Los Angeles retail market is positive, according to CBRE’s latest quarterly report. Vacancy levels are projected to move up slightly throughout 2018, while rental rate growth is also expected to increase gradually over the next four quarters.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2017 revenue). The company has more than 80,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
