August 19, 2019 – SRS Real Estate Partners’ Investment Properties Group has completed the $4.28 million sale South Street Shops, an 18,096-square-foot, value-add, two-tenant retail property located at 10745 South St. in Cerritos, CA.
SRS’ Investment Properties Group Vice President Ara H. Rostamian and Managing Principal Patrick Luther and Eric Mandell of Apex Properties represented the seller, a Los Angeles-based private investor. The buyer was a Southern California-based private investor represented by Sperry CGA Beverly Hills. The property sold for nearly $237 per square foot.
Built in 1969 and situated on 1.57 acres, the property is part of a larger shopping center. South Street Shops features shadow anchor, Goodwill, which recently signed a 10-year lease renewal. The remaining tenancy includes SJJ Fitness & Sports Performance and one vacant space of approximately 4,000 square feet.
“This asset was uniquely positioned as part of a larger, approximately 95,000-square-foot community center that is going through extensive remodel and retenanting of its anchor space with six different individual owners. With the Goodwill lease in place, the opportunity offered an investor 60 percent of the income from a long-term national tenant with a corporate guarantee. We marketed this asset as a value-add opportunity to fill the vacant space as well as future repositioning opportunities, and secured multiple offers from private investors,” said Rostamian.”
South Street Shops is located in a shopping center which also includes Sky Zone, Rosewoods Restaurant, and Vista Paint, among others. The property is near the Los Cerritos Center Mall and Cerritos Auto Square and is proximate to the on/off ramp to Interstate 605.
SRS’ Investment Properties Group and National Net Lease Group have successfully completed more than 300 sales in 2018, across 35 states nationwide, and has over $1 billion in assets currently listed for sale.