L.A.’s Eastside Attracts Street-Front Retail Buyers

Los Angeles

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.