LOS ANGELES, Oct. 29, 2018 /PRNewswire/ -- Optimus Properties, LLC has completed the acquisition of an approximately 2,050 square foot 3-unit retail building located just west of the Grove and Farmers Market. The building, located at 8036-8038 W. 3rd St, is between Crescent Heights Blvd. and Edinburgh Ave.
"We are very excited to purchase another value-add retail building opportunity, particularly on the mid-city area of Los Angeles. We are quite bullish on the retail sector given the current state of the economy," said Kamyar Shabani, a principal of Optimus Properties, LLC.
The building was built in 1946 and has approximately eight parking spaces and a building located at the back of the property for storage.
One of the current tenants, I Luv Nails nail salon, has renewed their lease for a 5-year period. Also, Shampoo, a hair salon that has been in the area for years, is re-locating to one of the vacant spaces in the building and signed a 5-year lease.
"The Property was leased on a month to month basis with rents far below market rents. We worked very quickly before and after closing on the acquisition of the Property to negotiate leases with new tenants with the goal of stabilizing the asset," said K. Joseph Shabani, a principal of Optimus Properties, LLC.
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 office, retail, office and medical office properties throughout Los Angeles.
SOURCE Optimus Properties, LLC