The 159,831-sf neighborhood shopping center is situated at 6801 Eastern Ave., at the northwest corner of Florence and Eastern avenues, according to Richard Rizika of CB Richard Ellis' South Bay office in Torrance. Rizika represented the buyer. Along with Dan Riley and Sam Alison from the Los Angeles Downtown office of CB, Rizika also represented the seller, who had owned the property for approximately one year.
The center is anchored by Food-4-Less, Rite Aid, Factory 2-U and Big 5 Sporting Goods. It was built in 1990 by Newport Beach-based Hopkins Development Co. on a ground lease from the City of Bell Gardens. It was 100% occupied at the time of the sale.
Rizika says several qualified buyers were interested in the property, but Bell Gardens Associates won out because it could perform all the due diligence within a very short time and close escrow within a 30-day contract period.
The buyer plans a "cosmetic remodel" of the shopping center, Rizika says, and plans to upgrade the tenant mix with a wider variety of merchants. He notes there is a limited amount of property available for development in the area, making this property a stable long-term investment.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.