Reliable Properties acquires Barnsdall Square Shopping Center at the corner of Hollywood Blvd. and Vermont Ave. in Los Angeles, CA
JLL Capital Markets facilitated the sale of a value-add 4.25-acre grocery/drug anchored shopping center with future redevelopment opportunity
LOS ANGELES, Aug. 12, 2024 – JLL Capital Markets announced today the sale of Barnsdall Square, a highly sought-after grocery/drug anchored retail center in Los Feliz, one of Los Angeles's premier neighborhoods. The transaction includes the acquisition of the 2.86-acre parcel on 1625 N Vermont Ave. and a partial interest in the 1.39-acre parcel on 1533 N Vermont Ave.
JLL represented the seller DMDE Properties, and Reliable Properties acquired the property.
Spanning over 6.3 acres, Barnsdall Square features a total of 92,000 square feet of leasable space, boasting a diverse tenant mix, including Jons Marketplace Grocery Store, Rite Aid Pharmacy and 22 other tenants. The property also provides a blank canvas for a value-add retail strategy or future redevelopment.
Strategically located along N. Vermont, Barnsdall Square enjoys excellent visibility and offers seamless connectivity to Hollywood Blvd. and Sunset Blvd along with convenient access to multiple nearby bus stops. The property is near major medical centers such as Kaiser Permanente Center, Hollywood Presbyterian Medical Center and the Children's Hospital Los Angeles. Additionally, set in the highly desirable neighborhood of Los Feliz, the center benefits from a strong demographic profile and unrivaled market appeal.
The JLL Retail Capital Markets team was led by Managing Directors Jeff Adkison and Bryan Ley alongside Senior Directors Rob McRitchie and Brendan McArthur.
Reliable Properties had assembled the remaining portions of Barnsdall Square in multiple off-market transactions over the past year. Brad Nourafshan led Reliable Properties’ efforts in successfully assembling the Barnsdall Square Shopping Center from three different owners.
“The Barnsdall Square Shopping Center is a one-of-a-kind asset located in Los Feliz with great potential and we are happy to have worked with JLL to acquire the last portion of the shopping center,” said Brad Nourafshan. “JLL was an absolute pleasure to work with and are also very experienced in handling complicated transactions.”
"In a retail market that is witnessing a scarcity of quality spaces, Los Feliz stands out as one of the most sought-after destinations in Los Angeles. The sale of Barnsdall Square attests to the increasing demand for high-quality retail assets in this thriving neighborhood," said Adkison.
“Barnsdall Square has a long history of serving the needs of the local community and the region. The sale marks a new beginning for the asset and we look forward to seeing the future growth of the asset,” said Ley.
Reliable Properties’ plans for the 6.3 acre Barnsdall Square Shopping Center are unknown at this time. Please contact Brad@reliableprop.com with any inquiries.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
For more news, videos and research resources, please visit JLL’s newsroom.
Jones Lang LaSalle Americas, Inc. ("JLL") is a real estate broker licensed with the California Department of Real Estate, license #01223413.
About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 110,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Reliable Properties
Since its inception in September 1975, Reliable Properties has led a successful operation as one of the most professionally committed real estate acquisition, leasing, management and development firms based in Los Angeles that aims to revitalize urban areas and communities. The Company’s capable direction of its development efforts from acquisition, project inception, construction administration, marketing & property management has generated a solid track record of improving commercial properties.
Reliable Properties specializes in the acquisition and management of grocery anchored shopping centers, retail, office and hotel assets in California and all over the United States. For more information, visit reliableproperties.com or contact Brad Nourafshan (Brad@reliableprop.com)