Ralphs at Market Lofts in Downtown Los Angeles Sells for $20.9 Million
Hanley Investment Group senior vice president Lee Csenar and SRS Capital Markets executive vice president Carlos Lopez represented the seller, MDC Realty Advisors of Denver, Colorado, and the buyer, Mushmel Properties of Los Angeles.
'We generated multiple qualified offers from 1031 exchange investors, private family offices and institutional investors, ultimately selecting a private, all-cash buyer with whom we had previously transacted,' said Csenar. 'The buyer agreed to a 15-day due diligence period, giving the seller strong confidence in closing.'
Completed in 2007, Ralphs at Market Lofts is located at 645 W. 9th Street and was the first grocery store to open in Downtown Los Angeles since the 1950s. Developed by Lee Homes and CIM Group and designed by KTGY, the seven-story mixed-use community features six floors of residential lofts, totaling 267 units, built above ground-level retail and a subterranean parking garage. The retail component is anchored by a 49,489-square-foot Ralphs Fresh Fare grocery store, along with six additional tenants: The UPS Store, Supercuts, Simply Salads, Qwench Juice Bar, Honeymee and Momi Sushi.
'Ralphs has achieved high sales volumes at Market Lofts as the dominant grocer in Downtown Los Angeles,' Lopez said. 'The project's full occupancy and grocery-anchored tenancy, along with its long-term income stability, offer a secure investment opportunity in the heart of Downtown Los Angeles.'
Located at the signalized intersections of Flower and 9th Streets and Hope and 9th Streets, Ralphs at Market Lofts benefits from high visibility, strong pedestrian traffic and excellent accessibility. The tenant mix – including grocery, restaurant and service-oriented retailers – offers 100% internet-resistant uses. There is also limited grocer competition. (Target opened in 2010 and Whole Foods opened in 2015.)
It is adjacent to key Downtown Los Angeles destinations, including Crypto.com Arena, LA Live and the Los Angeles Convention Center. Within a one-mile radius, the property draws from a residential population of 85,000 with an average household income of $97,000. The daytime population reaches 200,000, and more than 1.2 million people live within five miles.
'Ralphs at Market Lofts represented a rare opportunity to acquire a fully leased asset anchored by a dominant grocer in the heart of one of the most dynamic urban centers in the country,' said Csenar.
Ralphs, a California grocery chain, has been serving communities since 1873, making it one of the oldest continuously operating grocery brands in the United States. Founded by George Albert Ralphs in Los Angeles, the company started as a small storefront and grew into a leading subsidiary of The Kroger Co., the nation's largest traditional grocery store operator. Ralphs operates 187 stores across California and remains a market share leader in the state's competitive grocery industry.
Information was sourced from Hanley Investment Group Real Estate Advisors. To learn more, contact LCsenar@hanleyinvestment.com.
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