Rising Land Values Boost Appeal of Corner Center

A rare newly constructed single-tenant grocery property in Los Angeles recently sold for $35 million. Serving as an anchor of the shopping center at the southeast corner of Centinela Avenue and La Tijera Boulevard, the 29,456-square-foot property is leased to Amazon Fresh.

The property was acquired by a private multiple generation family based in Beverly Hills. The seller was Park Westchester Business Center, an affiliate of Red Mountain Group.

Kevin Held of Cushman & Wakefield in Los Angeles in conjunction with Ron Goldie, a California-based attorney, helped to secure the asset as a piece of a growing portfolio that Goldie manages for the buyer. The seller was represented by Bill Bauman and Kyle Miller of Newmark.

“Taking advantage of this unique acquisition opportunity, our client has added to their triple-net portfolio another irreplaceable new construction asset in a desired infill Los Angeles location with a long-term net lease corporately backed by a best-in-class global credit tenant,” said Held. “The location is one of the busiest commercial intersections in all Los Angeles County that can never be replaced in the trade area, given rising land values.”