Michael Mottahedan of Sperry Van Ness in Los Angeles represented the seller, a private investor based in Newbury Park who had owned the property since 1970. Shiva Mehrdad of Re-Max Beverly Hills represented the buyers.
Mottahedan says retail properties have become a product of choice for many investors these days...and he says this one was especially attractive to the buyers because it has a potential rental upside from the average current rent of 70 cents per sf per month to the average market rent in the area of approximately $1 per sf per month.
The neighborhood shopping center, built in 1960, is close to the 60 (Pomona) and I-5 (Santa Ana) freeways, two of the key east-west and north-south arteries in the region. The property is 90% leased, with key tenants including the Drug Store and Pioneer Communications.
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