Avison Young completes $4.7 million sale of Vernon Shopping Center near downtown Los Angeles
October 18, 2023
Los Angeles, Calif. – Avison Young announced today it has completed the $4.7 million sale of Vernon Shopping Center, a nearly 14,000-square-foot retail asset located in the heart of the City of Vernon at 2544-2550 Alameda Street. The asset is just a few miles from downtown Los Angeles.
Avison Young Principals Chris Maling and David Maling represented the seller, DP Vernon Retail, LLC and procured the 1031 exchange buyer, California-based Wimatex, Inc.
Built in 2017 and situated on 1.25 acres, Vernon Shopping Center is 77% occupied by Jersey Mike’s and Cafe Dulce, among others, and provides ample parking allowing easy access to retailers.
“While today’s market is difficult, transactions are closing when specific demands are met,” said Chris Maling. “We sourced a buyer for this asset who was in a 1031 exchange, therefore it was necessary to close quickly. The buyer also liked the opportunity to create additional value via lease-up of the vacant space.”
David Maling added, “An all-cash offer and quick closing made the deal very attractive to the seller. In this market of high interest rates and financing hurdles, all-cash offers carry significant weight.”
Vernon is an industrial city of 5.2 square miles located several miles to the southeast of downtown Los Angeles in Southern California. Vernon currently houses more than 1,800 businesses that employ approximately 50,000 people, serving as a vital economic engine in the region. Familiar firms with significant operations in Vernon include 7 For All Mankind and Tapatío Hot Sauce. Vernon maintains strong philanthropic ties with the neighboring communities where much of its workforce lives, providing significant financial support for public services like health care and education.
Avison Young creates real economic, social and environmental value as a global real estate advisor, powered by people. As a private company, our clients collaborate with an empowered partner who is invested in their success. Our integrated talent realizes the full potential of real estate by using global intelligence platforms that provide clients with insights and advantage. Together, we can create healthy, productive workplaces for employees, cities that are centers for prosperity for their citizens, and built spaces and places that create a net benefit to the economy, the environment and the community.
Avison Young is a 2023 winner of the Canada's Best Managed Companies Platinum Club designation, having retained its Best Managed designation for 12 consecutive years.