The Eastside of Los Angeles has a big appeal for retail investors. With the retail niche trending toward unique offline experience, the Eastside, known for its eclectic culture and artist communities, has been has the experiential quality that investors are looking for. An affiliate of Optimus Properties has sold a two-store street-front front retail property on North Figueroa Blvd., in Highland Park, for $658 a foot. The owner had executed a capital improvement plan to upgrade the property, and was approached by several investors to sell the property in an off-market transaction for a significant sales price.
“We did not market this deal but sale, but we received several off market offers and ultimately went with the highest offer. While we loved the asset, the sales price was too good to turn down,” Kamyar Shabani, a co-owner of Optimus Properties, tells GlobeSt.com. While Optimus had not brought this property to market, it does plan to sell several assets this year, including two office buildings.
Highland Park is one of the most popular markets on the Eastside. The neighborhood has grown in popularity, and it has been profiled in the New York Times. “Highland Park has seen incredible growth over the last few years. Many retailers, whether they are new concepts or existing business, have been drawn to HP given the affordability of commercial real estate there and its proximity to core areas of Los Angeles,” says Shabani.
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