Newmark : Facilitates Sale of Shopping Center in West Los Angeles’ Brentwood for $30 Million

January 13, 2022 9:00 AM

Newmark[1] announces it has completed the sale of Brentwood Shopping Center, a 14,789-square-foot shopping center in Los Angeles, California that traded for $30 million. Newmark Vice Chairman Bill Bauman and Executive Managing Director Kyle Miller brokered the transaction.

"We were pleased to see strong investor interest in this asset as a result of its prime location and solid tenant mix," said Bauman. "As the retail market in greater Los Angeles continues to recover from the impacts of the pandemic, strong neighborhood and super regional shopping centers continue to draw investor interest."

Brentwood Shopping Center is an approximately 14,789-square-foot shopping center located at 11674-11690 San Vicente Boulevard in Los Angeles. The property's location at the corner of S. Barrington Avenue and San Vicente Boulevard boasts an average household income of $143,732 within a five-mile radius. Brentwood Shopping Center hosts a strong mix of tenants including Chipotle, Juice Crafters, Planet Beauty, Juan Juan Salon, Coffee Bean & Tea Leaf, Harry's Wine and Spirits, Winston Pies and Claudio D'Italio. Bauman and Miller represented the seller, Weiss Development, in a sale to buyer Fields Holdings in an off-market transaction.

Los Angeles County has developed a diverse economic base, supported by a number of Fortune 500 companies with headquarters in the area, including Walt Disney, Northrop Grumman, Occidental Petroleum, Computer Sciences, DirecTV Group, Health Net, KB Home, Jacobs Engineering Group, Avery Dennison, Mattel and Hilton Hotels. Los Angeles County is commonly associated with the entertainment industry; all six major film studios - Paramount Pictures, 21st Century Fox, Sony, Warner Bros., Universal Pictures and Walt Disney Studios - are located within the county.

Other major industries of Los Angeles County are international trade supported by the Port of Los Angeles and the Port of Long Beach, music recording and production, aerospace and professional services such as law and medicine. It is the nation's top international trade center, largest manufacturing center and aerospace research/development capital.

[1] Dba Newmark Knight Frank in California

About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries ("Newmark"), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark's comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform's global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. Newmark generated revenues in excess of $2.5 billion for the trailing twelve months ending September 30, 2021. Newmark's company-owned offices, together with its business partners, operate from over 160 offices with approximately 6,200 professionals around the world. To learn more, visit nmrk.com or follow @newmark.

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