Juanita Tate Marketplace Sold to Private Investors
Apr 28, 2015, 07:51 ET
LOS ANGELES, April 28, 2015 /PRNewswire/ -- Optimus Properties, LLC is very proud to announce the purchase of the Juanita Tate Marketplace, located at 1040 East Slauson Avenue, Los Angeles, California 90011, a project that has been over seventeen years in the making through a partnership between Infinity Redevelopment, LLC, an affiliate of Optimus Properties, LLC ("Optimus"), the Concerned Citizens of South Central Los Angeles, a local California non-profit public benefit corporation and the Community Redevelopment Agency of the City of Los Angeles.
The Property is located at the intersection of Slauson Avenue and Central Avenue and comprises approximately 77,000 square feet of leasable space. The dense, urban in-fill development has a 450,000+ population within a 3-mile radius. The Property was designed by Nadel Architects and consists of approximately 6.5 acres of land. Construction was recently completed and all tenants are open and operating.
The Property consists of a 42,500-square-foot building which is occupied by Northgate Gonzalez Market, a 14,576-square-foot building for CVS/Pharmacy and two additional free-standing buildings totaling 20,000 square feet occupied by Starbucks, Panda Express and a host of other tenants serving the local community. Nadel designed the buildings as if they were built separately to give a small-town Main Street, commercial feel. Nadel's contemporary design features brick, tile and plaster walls as well as elements that are visually appealing and reflect the commercial buildings from the surrounding area with high transom windows, cantilevered metal awnings and stepping roof lines.
"After 17 years, this Escrow should make it into the Guinness Book of World Records as the longest escrow in history" joked Joseph Shabani, a principal of Optimus, "however, it was worth the wait. We bought an incredible asset that serves a very underserved community in a first class fashion. We have some more minor upgrades and modifications in mind to make the center even more appealing."
The property roster includes a host of appealing tenants, including Northgate Gonzalez Market, CVS and Starbucks, as the anchor tenants. Panda Express, Little Caesar's Pizza, Yogurtland, LA Nails, Waba Grill Teriyaki House, FatBurger and Wingstop are also tenants.
"This is another valuable asset for us to add to our portfolio of shopping centers in the Southern California area," says Kamyar Shabani, a principal of Optimus.
Optimus Properties, LLC, located in Los Angeles, California, was founded by Kamyar Shabani and K. Joseph Shabani and employs a disciplined investment approach focused on value creation in multifamily properties throughout Los Angeles.
SOURCE Optimus Properties, LLC