Retail Sales Ring Up $14M

In the Santa Monica transaction, the Charles Dunn Co. reports that Isaac's Realty LLC bought a 4,268-sf retail building at 501 Wilshire Blvd. from 860 Charleston LLC for approximately $5 million. Panera Bread Co. is the only tenant in the building.

Jonathan Ahron of the Retail Services Group in Charles Dunn's West Los Angeles office represented both the buyer and the seller. The buyer purchased this building predominantly because of its location on a corner double lot in a prime area located in the heart of Santa Monica, according to Ahron, who notes, "The turnover rate in this market is extremely low and it's a rarity for a building such as this to be placed on the market."

In Lakewood, Titans Capital LLC has acquired a 9,280-sf retail building at 4929-4943 Paramount Blvd. for approximately $3.3 million, according to Chris Tramontano of the retail services group in Charles Dunn's West Los Angeles office, who represented the seller, GRAE Paramount LLC. The building's major tenant is GameStop Inc., which leases 1,500 sf, and the other 7,780 sf is vacant.

Tramontano says the buyer, represented by Phil P. Nguyen of Century 21, plans to occupy between 4,000 sf and 5,000 sf of the property, which is the middle parcel to a CVS/pharmacy and GSA-Social Security-anchored center. The retail center, located on the northwest corner of Paramount and Del Amo Blvd., is situated in what Tramontano calls "a prime market targeting more than 700,000 people within a five-mile radius."

In Palmdale, Northern California-based Jazerp Inc. paid more than $2.8 million for a newly constructed retail building totaling 8,112 sf at 37262 Ave. 47th Street East. Brad Umansky of Sperry Van Ness in Ontario represented the seller, Irvine-based Silvercreek Properties. The buyer was represented by Jeri Lyons of ReMax Exchange Group. The new retail building is located in front of Stater Bros. and is 100% leased to Cingular Wireless, Contour Express, Pacific Dental Care and Nailisimo.

In Torrance, Sperry Van Ness reports two deals. In the first, a private investor from Los Angeles paid $1.5 million for 21,750 sf of land that was a former gas Shell gas station and after remediation, is now planned for development of a retail strip center. The land is at 20305 Anza near the major cross streets of Hawthorne Boulevard and Pacific Coast Highway and is close to the 405 and 110 freeways.