A 14,276 square foot, 90% occupied value-add shopping center ideally located directly off the California State Route 60 Pomona Freeway in the dense, urban infill Los Angeles County submarket of East Los Angeles, CA.
The Brandon Michaels Group Marcus & Millichap has been selected to exclusively market for sale Freeway Plaza, a 14,276 square foot two-story value-add shopping center situated on 16,625 SF of land located directly off the California State Route 60 Pomona Freeway on/off ramp along high trafficked S Atlantic Boulevard in the densely populated Los Angeles County submarket of East Los Angeles, CA. The center sits just north of the signalized intersection of S. Atlantic Boulevard and Pomona Boulevard, surrounded by strong national retailers and dense residential.
Freeway Plaza is currently 100% occupied to a seasoned tenant base of local tenants that ideally serve the immediate area. The average length of occupancy of the existing tenant base is 9.32 years, with most leases being month to month or expiring in the near term. Freeway Plaza contains 13 units, seven on the ground floor and six on the second story. The average unit size of the ground floor and second story units is 1,188 square feet and 934 square feet respectively.
These are ideal unit sizes that are easily leasable with minimal tenant improvement costs required between tenants. Current ground floor rents average $1.74 per SF, gross, with second story rents averaging $1.51per SF gross. The flexibility in lease terms in conjunction with below market rents creates a unique value-add opportunity.
Freeway Plaza benefits from excellent visibility and frontage along highly trafficked S. Atlantic Boulevard, with 176’ of linear frontage along S. Atlantic Boulevard and daily traffic counts exceeding 38,000 vehicles per day, with an additional 250,000 vehicles passing the center along the California State Route 60 Pomona Freeway. The site offers 46 surface parking spaces, a parking ratio of 3.22 per 1,000 square feet. The site sits on 16,625 square feet of land designated MC, major commercial, in the East Los Angeles Community Standards District.