MacArthur Park Gets More Retail

LOS ANGELES- San Pedro-based Rick Development Co. has purchased a 32,000-sf infill shopping center site near MacArthur Park and plans to revitalize the property to provide what it calls much-needed retail services for the area, according to Rob Fuelling, of Los Angeles-based Investment Development Services. The buyer paid nearly $9.1 million for the site at 420 S. Alvarado St., says Fuelling, who along with Richard Rizika of the Torrance office of CB Richard Ellis represented both Rich Development Co. and the seller of the property, 420 S. Alvarado St. LLC.Fuelling, who is marketing director for IDS, calls the location "one of the few available retail investment opportunities in established Latino neighborhoods of Los Angeles." National retailers without a presence in this market have few options, Fuelling says, adding that "The demographics of this center are outstanding, including substantial foot traffic." The shopping center site, since it is near MacArthur Park, is close to some of the most densely populated areas of the city and some of the highest concentrations of Latino shoppers.Joe Rich, general partner for Rich Development, says is company is negotiating a new lease with a national retailer for the entire 28,000 sf of available space at the site. Rich Development found the property attractive as an investment because of its value-added potential, Rich says. The company plans cosmetic upgrades, a new roof, landscaping improvements, and a complete renovation of the interior for a new retailer.Rich Development is a family-owned business established in the late 1930s that focuses on value-added redevelopment and new construction of retail properties ranging from single-tenant to power centers throughout the United States. The company, which is developing more than $100 million worth of retail projects, also owns and manages approximately 1 million sf of retail space.