X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

NORTH HILLS, CA-A private investor has acquired the 58,855-square-foot Paseo Sepulveda neighborhood shopping center at the intersection of Sepulveda Boulevard and Nordhoff Avenue, according to CB Richard Ellis. The property is an infill project anchored by AJ Wright. Starbucks, Panda Express, Bank of America, GameStop, Pollo Campero and Walgreens.

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.

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?

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.