Among the signs of nuanced resilience and adaptation recently seen in the Los Angeles retail sector is a newly sold retail space in the Huntington Park neighborhood. The 23,789 square foot property sits on approximately 0.57 acres of land at 6360 Pacific Blvd. The retail space was recently sold for $8.2 million, or around $344.7 per square foot.
According to public records, the property was sold by GC Huntington Park II LLC, an entity linked to Gryphon Capital. The buyer was 6360 Investment LLC, an entity that shares its address with Westpoint Homes in Oklahoma. The seller was represented by Marcus & Millichap.
The single-story class C building was originally constructed in 1968 with the latest renovations having been completed in 2023. The retail space is currently occupied by Ross Dress for Less. The property offers 19 parking spaces and is located on Huntington Park’s major retail and traffic corridor of Pacific Boulevard. Some of the local corporate neighbors include JCPenney, The Home Depot, Petco and others. The location is in close proximity to US Interstate Highways 710 and 110 as well as near other high-traffic thoroughfares providing connectivity to the entire Los Angeles metro area.
The third quarter 2023 retail landscape in Los Angeles County paints a nuanced yet optimistic picture. Despite lingering challenges, the market is slowly stabilizing as it navigates the post-pandemic landscape. According to a recent NAI Capital report on the Los Angeles Retail Market Outlook for Q3 2023, there has been a notable deceleration in the rate of retail space vacancies. In the third quarter of 2023, the rise in unoccupied retail space amounted to just 150,000 square feet, marking a significant contrast to the 1.6 million square feet observed in the preceding year. Despite reaching a record high of 18.2 million square feet in total vacant space, the trend suggests an approaching peak, indicating a gradual return to normalcy.
The report also highlighted that retailers persist in their struggle against the supremacy of online behemoths such as Amazon, as well as the emergence of direct-to-consumer e-commerce models. The recent bankruptcy filing by Rite Aid, coupled with its strategy to terminate leases at more than 347 locations, including 30 in Los Angeles County, highlights the enduring challenges in this ongoing battle.
