A Southern California developer recently purchased Culver Plaza, a 49,986-square-foot retail/office property in Los Angeles, for a price of $20 million.
The two-story building, which is located at 9901 Washington Blvd. on 41,953 square feet of land, was 35 percent leased at the time of sale to a mix of office and retail tenants. The major tenants are Curves and El Pollo Loco. The second floor, which encompasses approximately 26,000 square feet, was recently vacated by Mann Theatre. The property also includes 360 subterranean parking places.
The buyer plans to redevelop the property, which is located within walking distance of downtown Culver City, as a mixed-use project. According to a press statement, “The second-floor space can accommodate many alternative uses, including office, retail or loft, and may allow for additional square footage through vertical development.”
9901 Washington LLC sold the asset.