Brentwood Place Center Trades for Nearly $31M

BRENTWOOD, CA-Combined Properties Inc. of Beverly Hills has acquired the 65,500-sf Brentwood Place shopping center from Los Angeles-based Champion Development. Combined bought the property for $30.9 million in a transaction brokered by the Irvine-based Reza Investment Group, which represented both the buyer and the seller.Carlos Lopez, director of the RIG Urban division of Reza Investment Group, tells GlobeSt.com that the property might have the potential for the development of some residential units in addition to the retail space. "With some zoning changes having to do with floor-area rations and height requirements, some residential might be a long-term play," Lopez says.The three-story retail center is one of a number of vertically oriented projects that have been created in densely developed areas of Los Angeles in recent years in order to make up for the lack of larger development sites. Brentwood Place, with 410 feet of frontage on Wilshire Boulevard, has anchor stores in a 15,000-sf Sav-on and a 34,000-sf multilevel Ross Dress for Less. The center, which was built in 1999, is 100% occupied.Lopez, whose division specializes in urban retail investments, calls the property a trophy asset that represents "true urban-infill retail" because of its vertical nature, tenant mix and Wilshire Boulevard location. The center adds to a portfolio of approximately five million sf of shopping centers and mixed- use projects in the Los Angeles and Washington, DC metropolitan areas for Combined, which maintains offices in both cities. Seller Champion Development has designed and developed retail and mixed-use projects throughout Los Angeles and other parts of Southern California.