Angelus Plaza Commands Nearly $9M

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LOS ANGELES-The 217,319-sf Angelus Grand Plaza neighborhood shopping center has sold for $8.6 million in a deal between a Santa Monica-based buyer and a nonprofit organization, according to Colliers Seeley International, which brokered the transaction.

Matthew Sullivan of Colliers Seeley International calls the property “a strong value-add opportunity” for the buyer to renovate and lease the upper floors of the four-story center that occupies 5.4 acres at 3650 E. Olympic Blvd. Sullivan explains that the 67,319 sf on the ground floor of the center was 100% occupied at the time of sale, with tenants such as Sav-On Drugs and Food4Less. The upper floors were unoccupied, creating the value-add opportunity that Sullivan describes. He and John Runyan, also of Colliers Seeley, represented the buyer, Levy Affiliated Holdings LLC, Will Allen of Healstone Investment Real Estate representing the seller, Telacu, an East Los Angeles-based nonprofit community development corporation. The Angelus Grand joins a list of local retail centers that have sold lately, including the 30,991-sf La Verne Towne Center North at 2445-2497 Foothill Blvd. in La Verne. Westhill Management bought the center from LT Properties Co. for nearly $5.3 million, according to Bob Tull of NAI Capital, who represented the buyer. The center is situated on 2.7 acres at Foothill Boulevard and Towne Center Drive in the City of La Verne and was fully occupied at the time of the sale. The seller, LT Properties Co., was represented by STC Management. In a third deal, in Long Beach, Sperry Van Ness reports that Northern California-based Jazerp Inc. paid more than $2.8 million for a newly built retail property totaling 8,112 sf at 37262 Ave. 47th St. East in Palmdale. 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 building is situated in front of Stater Bros. and is 100% leased to Cingular Wireless, Contour Express, Pacific Dental Care and Nailisimo.