Los Angeles’ retail market has seen heightened levels of activity over the course of the year, with increased investment activity causing more properties to be placed up for sale. One property to recently be placed on the market is A Ross Dress for Less in the Huntington Park neighborhood. The property is being offered with a $10.3 million asking price, or approximately $433 per square foot, according to a listing from The Mansour Group of Marcus & Millichap.
Located at 6360 Pacific Blvd. on just over half an acre, the retail asset totals 23,786 square feet. According to the listing, the property was built in 1968 and was last renovated in 2023 by its current owner, Gryphon Capital LLC. Public records show that the El segundo-based investment firm purchased the property in 2021 for $5.5 million, or about $231 per square foot.
The property is fully occupied by Ross Dress for Less, which has 1,693 locations in 40 states, the District of Columbia, and Guam, according to its website. The company currently has more than 10 years remaining on its lease with an expiration date set in January of 2034. Currently, net operating income at the site totals $618,514.
The retail asset is located south of downtown Los Angeles in a prime retail area of Huntington Park, with neighbors including Shoe Palace, Best Buy, Verizon, Firestone and many others. The Huntington Park neighborhood is also home to a large population with more than 1 million people living within a five mile radius of the property, according to The Mansour Group.
Throughout Los Angeles, the retail market has remained relatively stable, according to a fourth quarter market report from Kidder Mathews. Vacancy rates have remained stable over the last year at 4.8 percent. During the same time last year, vacancy was at 4.9 percent. Average asking rents also increased slightly from $2.83 per square foot to $2.91 per square foot. Likewise, the average sales price increased from $368 to $406 per square foot year-over-year.
