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Tuesday, Oct 3, 2023

Brentwood Shopping Center Sells for $30 Million

The nearly 15,000-square-foot Brentwood Shopping Center has sold for $30 million. Fields Holdings purchased the property from Weiss Development in an off-market transaction.  

The center is located at 11674-11690 San Vicente Blvd. Its tenants include Chipotle, Juice Crafters, Planet Beauty, Juan Juan Salon, Coffee Bean & Tea Leaf, Harry’s Wine and Spirits, Winston Pies and Claudio D’Italio.    

Newmark Group Inc.’s Bill Bauman and Kyle Miller represented the seller in the transaction.  

“We were pleased to see strong investor interest in this asset as a result of its prime location and solid tenant mix,” Bauman said in a statement. “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.”  

Brentwood Shopping Center isn’t the only recent retail sale in L.A. County.  Glendale Marketplace in Glendale also sold this month for $64.1 million. Northbrook, Ill.-based Pine Tree acquired the 2.2-acre, 154,049-square-foot property at 106-146 S. Brand Blvd. from EB Arrow. The property was built in 1998 and counts Ross Dress for Less, LA Fitness, HomeGoods, Five Below, Buffalo Wild Wings and Old Navy as tenants.  

In Beverly Hills, an unnamed buyer purchased a property at 360 N. Rodeo Drive from the Harkham family for $200 million. The sale, according to brokers involved in the transaction, marks a record price for the 300 block of Rodeo Drive. Tenants at the property, which was the former home to boutique hotel Luxe Rodeo Drive before it shuttered, include Rolex, Patek Philippe and Ferrari.   

In Long Beach, Onni Group of Cos. purchased the Marina Shores for $68 million. The center is pegged for redevelopment.  DekaBank, meanwhile, purchased a Whole Foods storefront at 2121 Cloverfield Blvd. for $54.2 million. 

Hannah Madans Welk
Hannah Madans Welk
Hannah Madans Welk is a managing editor at the Los Angeles Business Journal and the San Fernando Valley Business Journal. She previously covered real estate for the Los Angeles Business Journal. She has done work with publications including The Orange County Register, The Real Deal and doityourself.com.

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