Barnsdall Square, a highly sought-after retail center in Los Feliz, sold for an undisclosed sum.
The retail center, which spans over 6.3 acres total, features 92,000 square feet of leasable space, home to a diverse tenant mix – including Jons Marketplace Grocery Store, Rite Aid Pharmacy and 22 other tenants.
Carthay-based Reliable Properties was the center’s buyer. The company is a real estate acquisition, leasing, management and development firm that, according to its website, aims to revitalize urban areas and communities.
The transaction includes the acquisition of the 2.86-acre parcel on 1625 N. Vermont Ave. and a partial interest in the 1.39-acre parcel on 1533 N. Vermont Ave. Reliable Properties had assembled the remaining portions of Barnsdall Square in multiple off-market transactions over the past year, now assuming its entirety.
The JLL Retail Capital Markets team represented the seller, DMDE Properties, in the sale.
“The Barnsdall Square Shopping Center is a one-of-a-kind asset located in Los Feliz with great potential and we are happy to have worked with JLL to acquire the last portion of the shopping center,” Brad Nourafshan, who leads development and acquisitions for Reliable Properties, said.
JLL’s team was led by managing directors Jeff Adkison and Bryan Ley, alongside senior directors Rob McRitchie and Brendan McArthur.
“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,” Adkison said. “The sale of Barnsdall Square attests to the increasing demand for high-quality retail assets in this thriving neighborhood.”
“Barnsdall Square has a long history of serving the needs of the local community and the region,” Ley added. “The sale marks a new beginning for the asset, and we look forward to seeing the future growth of the asset.”
It is unclear what Reliable Properties plans to do with the retail center, although a release did mention “the property provides a blank canvas for a value-add retail strategy or future redevelopment.”
