15K-SF Retail Center Sells for $30M
The Brentwood Shopping Center traded for $2,029 per square foot
A small shopping center has rung up a big sales price in the upscale neighborhood of Brentwood in the city of Los Angeles.
Fields Holdings acquired the Brentwood Shopping Center, a 14,789-square-foot retail asset, for $30 million, or a whopping $2,029 per square foot. For comparison, the 154,049-square-foot Glendale Marketplace in Glendale sold earlier this month for about $416 per square foot.
Newmark (NMRK) announced the Brentwood Shopping Center deal and represented the seller, Weiss Development.
The shopping center is located at 11674-11690 San Vicente Boulevard, and tenants include Chipotle, Juice Crafters, Planet Beauty, Juan Juan Salon, Coffee Bean & Tea Leaf, Harry’s Wine and Spirits, Winston Pies and Claudio D’Italia. The average household income within a five-mile radius is $143,732.
“As the retail market in Greater Los Angeles continues to recover from the impacts of the pandemic, strong neighborhood and super regional shopping centers continue to draw investor interest,” said Newmark’s Bill Bauman, who brokered the deal with Kyle Miller.
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