Ross-Anchored Shopping Center in South Los Angeles Sold in Transaction Valued at more than $13 Million
Paramount Town Center East in Paramount, California has been purchased in a $13,260,000 transaction just 21 days after its sister property, the Northgate-Gonzalez Supermarket-anchored Paramount Town Center West, was purchased with both transactions being handled by the same team of brokers from Colliers International.
The two centers – East and West – had been under the same ownership and are separated by Paramount Boulevard near the intersection of Alondra Boulevard.
Anchored by a Ross Dress for Less Store, the fully occupied Paramount Town Center East boasts a branch of Wells Fargo Bank, Sprint and Metro PCS stores, an H&R Block, plus a variety of smaller retailers and medical users. Built in 1986, the property was purchased by a private investment firm headed by a prominent local investor.
Earlier in the month, the same Colliers International team of Senior Vice President Tom Lagos and Vice President El Warner along with former CBRE broker James Rodriquez, who is now a senior vice president with Colliers International, sold the Northgate-Gonzales Supermarket-anchored Paramount Town Center West in a transaction valued at $9.25 million. The Colliers International/CBRE team represented the seller in both transactions.
“This was a rare urban infill opportunity to purchase a well occupied shopping center in south Los Angeles, an opportunity that rarely, if ever, comes on the market,” said Lagos. “The property no longer fit the owner’s core investment strategies and the buyer found the opportunity to be one of the best urban investment offerings available after surveying the entire region.”
In February, Lagos and Warner also closed a $14 million transaction involving the sale of a 100,000-square-foot neighborhood center anchored by Hispanic-oriented Vallarta Supermarkets in Bakersfield, California.