Santa Fe Springs Retail Center, Koreatown Multi-Family Assets Lure Investors
- Feb 09, 2012
In a $23 million deal, Milan Capital Management has acquired Santa Fe Springs Promenade from F.J. Hanshaw properties, rentv.com reports. Built out over three decades, the 115,000-square-foot retail center was 90 percent occupied when the transaction closed. According to Loopnet.com, the center’sl tenants include names such as Jax Market, Taco Bell, At&T and Bank of America. Situated at the southeast corner of Telegraph Road and Orr and Day Road, the property traded for $200 per square foot.
In other transaction news, an undisclosed investor has acquired four pre-war, Art Deco buildings in Koreatown for $17 million. Offering 102 one-bedroom apartments and 97 studios among them, the non-rent controlled properties are located at 3835 West 8th Street; 715 South St. Andrews Place; 324 Catalina Avenue; and 326 South Normandie Avenue, rentv.com reported. The transaction is an indication of the strong local multi-family rental market.