59,000-SF Paseo Sepulveda Changes Hands

The seller was represented by Sam Alison, Dan Riley, and Rachel Burris of the CB Richard Ellis private retail client group. The buyer was represented by David Lachoff, David Ghermezian and Kevin Lachoff of the West L.A. office of Grubb & Ellis. According to CBRE, selling points for the property included its location at a signalized intersection near the Nordhoff Avenue interchange of the San Diego Freeway where the daytime population exceeds 100,000. The primary trade area for the center, an approximately three-mile radius, includes 300,000 residents and 95,000 households with an average household income of $59,692.

CBRE points out that more than 73% of the residents within one mile of the shopping center are Hispanic, the fastest growing ethnic group in Los Angeles and the US. The Los Angeles' Hispanic population is projected to grow faster than the overall population, becoming "the most significant purchasing force in Los Angeles," CBRE notes.

Paseo Sepulveda was developed by Beverly Hills-based Primestor Development Inc., which is also the developer of other Hispanic-oriented retail projects, including the 209,000-square-foot Plaza Pacoima, a $78 million project in the San Fernando Valley city of Pacoima that will include a 160,000-square-foot Costco.

CBRE's marketing info for the Paseo Sepulveda center noted that the Valley is one of the most dominant retail markets in Southern California, with approximately 200 anchored shopping centers more that 50,000 square feet each, totaling more than 17,000,000 square feet of retail space.