Hanley Investment Group Arranges Sale of Food 4 Less and Rite Aid Shadow-Anchored Center in L.A. for $9.8M
Maywood Towne Center, a 20.5k sf, multi-tenant retail center in the city of Maywood, was purchased for $9.8 mil ($478/sf) by a private investor. The property is shadow-anchored by Food 4 Less and Rite Aid.
Maywood Towne Center is located at 4444 Slauson Ave and 5921-5925 S. Atlantic Blvd. The signalized intersection location at Slauson and Atlantic, the two main thoroughfares in the city, feature more than 54,000 cars per day. The property is also situated one mile from the Interstate 710 on/off ramps with more than 177,000 cars per day.
According to Asher, this was the first time the property had been on the market in 33 years since it was acquired from the original developer when it was completed in 1985. The 1.43-acre property was 78% occupied at the time of sale.
“The buyer acquired an outstanding multi-tenant retail investment in an established infill Los Angeles location, with upside potential to lease up 22% vacancy in the immediate future,” said Asher. “Approximately 100% of the occupied square footage is leased to a favorable mix of internet-resistant restaurant and service-based tenants, a combination of retailers that will continue to be the most attractive to investors moving ahead. Nearly 90% of the occupied square footage is leased to national/regional retailers including Dental Masters, Ace Cash Express, L.A.’s Auto Insurance, Las Islas Marias, WaBa Grill, Wateria, Wingstop and Yum Yum Donuts.”