Reliable Properties Pays $20M to Complete L.A. Retail Assemblage

An investment firm that focuses largely on grocery-anchored shopping centers has acquired another asset as part of a larger assemblage in Los Angeles’ Los Feliz neighborhood.

Reliable Properties acquired the Barnsdall Square Shopping Center at the corner of Hollywood Boulevard and Vermont Avenue for $20.1 million, records show. This comes after the company assembled the remaining portions of Barnsdall Square in multiple off-market transactions over the past year. 

JLL (JLL) Capital Markets represented the seller DMDE Properties, and facilitated the sale of the shopping center with future redevelopment opportunities. 

The deal includes a 2.9-acre parcel at 1625 North Vermont Avenue and a partial interest in the 1.5-acre parcel at 1533 North Vermont Avenue. It features the 92,000-square-foot development that is leased to Jons Marketplace Grocery Store, Rite Aid Pharmacy and 22 other tenants, as well as the potential for future redevelopment, though Reliable Properties’ plans are unclear.

The property is near major medical centers, including Kaiser Permanente Center, Hollywood Presbyterian Medical Center and the Children’s Hospital Los Angeles.

The JLL team was led by managing directors Jeff Adkison and Bryan Ley, along with senior directors Rob McRitchie and Brendan McArthur. Brad Nourafshan led Reliable Properties’ efforts in obtaining the assemblage from three different owners.

“In a retail market that is witnessing a scarcity of quality spaces, Los Feliz stands out as one of the most sought-after destinations in Los Angeles. The sale of Barnsdall Square attests to the increasing demand for high-quality retail assets in this thriving neighborhood,” Adkison said in a statement.

Gregory Cornfield can be reached at gcornfield@commercialobserver.com.