One Year After Grand Opening, Juanita Tate Marketplace Acquired by Optimus Properties
- May 04, 2015
The Juanita Tate Marketplace in Los Angeles was recently acquired by locally based Optimus Properties LLC. The redevelopment project located at the corner of Slauson Avenue and Central Avenue is a venture that has taken its developers nearly 17 years to complete. Developed by a partnership consisting of Infinity Redevelopment LLC, the Concerned Citizens of South Central Los Angeles and the Community Redevelopment Agency of the City of Los Angeles, Juanita Tate Marketplace is regarded as, “an incredible asset that serves a very underserved community in a first class fashion” by its new owner.
Financing for the acquisition was provided by George Smith Partners who arragned a total of $22 million for the deal. The total purchase price for the asset stood at around $24 million, but some appraisers estimated the value of the property closer to the $30 million mark, GSP Senior Vice President Shahin Yazdi noted in a press statement.
The property is located on a 6.5 acre site at 1040 East Slauson Avenue and totals roughly 77,000 square feet of leasable space. The urban infill retail property comprises one 42,500-square-foot building currently leased out to anchor tenant Northgate Gonzalez Market, a 14,576-square-foot CVS/Pharmacy-occupied building, as well as two free-standing structures offering a combined 20,000 square feet of space, where Starbucks has a sizable presence. Juanita Tate Marketplace has a tenant roster that includes names such as Panda Express, Little Caesar’s Pizza, Yogurtland, LA Nails, Waba Grill Teriyaki House, FatBurger and Wingstop.
Designed by Nadel Architects to mirror the aesthetic of a small-town Main Street asset, the property’s design flourishes and materials used mirror that concept, with brick, tile and plaster being used in the construction process. Hight transom windows, cantilevered metal awnings and stepping roof lines were also included to complete a look that draws from the retail property’s neighboring area.