X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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 D.C. 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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt. NET LEASE Spring 2021Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.