LOS ANGELES-Midtown Shopping Center Associates has acquired the land under its Midtown Shopping Center and two adjacent properties for $42.5 million. Northmarq Capital financed a three-year, interest-only loan.
The adjacent properties on the site's eastern and western edges total 3.56 acres, while the shopping center covers 185,000 square feet, bringing the new site footprint to 14.56 acres. The shopping center is located at 4725 West Venice Boulevard, bounded by Venice, San Vicente and Pico Boulevards. Catellus Development Corp. of Denver was the seller.
The center is anchored by a Ralph's “Signature Store,” the first urban one in Southern California. The concept is more upscale and focuses on local tastes. The center also has a CVS, Orchard Supply Hardware, Bank of America, Yogurtland and Wingstop.
Young Management Co. has owned the shopping center for over 30 years after buying from original owner Southern Pacific.
“I have been trying to purchase the land since 1978,” said a statement from James Young, one of partners in Young Management Co. along with Courtland Young. “I rebuilt this property after it was destroyed in the 1992 L.A. riots, as I have always had total confidence in the future growth of this community and its residents. This is a rapidly growing area of the city that is vastly underserved by retail standards. It is a dense residential area with a population of 1.2 million drawing from a five-mile radius, versus the typical one to three-mile radius. We are eager to develop the rest of the site and bring more national tenants to meet more of our community's needs.”
Midtown Shopping Center Associates includes Young Management Company, which will be in charge of property management and leasing, as well as redevelopment of the center. Plans call for making the center more family-friendly, adding pedestrian walkways, seating areas and outdoor dining.
Ory Schwartz at Northmarq Capital arranged the financing for the transaction.
The Young Management Company focuses on retail opportunities with potential for national tenants within the Los Angeles area.
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