El Dorado Shopping Center, a 74.5k sf shopping center anchored by Grocery Outlet and Dollar Tree in Long Beach, traded hands in a $21.25 mil ($285/sf) transaction. The property was sold by DPI Retail of El Segundo.
El Dorado Shopping Center is located on 7.01 acres at 8105-8195 East Wardlow Rd, at the signalized intersection with Norwalk Blvd. The shopping center, which was 93% occupied at the time of the sale, was built in 1965 and renovated in 2003. Over 513,000 residents with an average household income of $120,000 reside within a five-mile radius of the property.
Kevin Fryman and Ed Hanley with Hanley Investment Group Real Estate Advisors represented the seller in the deal. The buyer was a partnership managed and represented by Milan Capital Management of Orange.
“We generated multiple qualified offers for this daily-needs shopping center and procured a 1031 exchange buyer. We maximized price by educating the buyer about value creation through the lease-up of the vacant pad building and a potential break-up strategy,” said Fryman.
According to Fryman, the property offered a value-add opportunity to lease up a 5k sf former restaurant located on the hard corner at Norwalk Blvd and Wardlow Rd, which has 40,000 cars per day. The buyer could re-tenant the existing building or execute a ground lease.”