A retail portfolio consisting of three fully occupied buildings within the Los Altos Center, is up for sale, according to a listing by Centennial Advisors. The property, located in Long Beach’s Los Altos neighborhood, is up for sale with an asking price of $22.49 million, or about $785 per square foot.
Situated at 2050 N Bellflower Blvd., the retail portfolio encompasses a total area of 28,638 square feet. Property records show that the portfolio last traded in 2006, when it was acquired by an entity affiliated with DJG Properties LLC.
Established in 1956, the portfolio is currently home to a diverse mix of service and food-related tenants, including IHOP, Sylvan Learning Center, Power of One Martial Arts, Kennedy’s Craft Kitchen & Cocktails and various dental and medical clinics.
“Across most countries, consumer spending on food service has been outpacing in-home food and grocery spending (and indeed all retail spending) in recent years. The amount of space dedicated to the food service sector across the global retail landscape is clearly increasing each year, and the growth in online sales continues apace. As demand for traditional merchandise space abates, demand for food service space appears insatiable,” the listing states.
The Los Altos Center’s location provides easy access to major transportation routes, such as the 405 Freeway and Pacific Coast Highway. It is also within close proximity to expansive recreational marinas and beaches. Furthermore, Long Beach State University, home to over 35,000 students and the Walter Pyramid arena -which attracts approximately 200,000 visitors annually – is a short commute away.
The Los Altos Center benefits from a demographic profile typical of Southern California, with median household incomes and buying patterns aligning closely with neighboring South Bay communities like Torrance’s Hollywood Riviera. Additionally, the center shares proximity with prominent Los Angeles County communities such as Cerritos and Artesia, as well as neighboring Orange County communities like Los Alamitos, Cypress and Seal Beach. Home sales in the area commonly exceed $1 million, according to the marketing brochure.
