Marcus & Millichap Brokers $44.7M Sale of Washington Plaza Shopping Center in Downtown Los Angeles
LOS ANGELES — Marcus & Millichap (NYSE: MMI) has arranged the sale of Washington Plaza, a grocery-anchored retail property located in downtown Los Angeles. Southern California-based Eagles Nest Property LLC sold the asset to Reliable Properties for $44.7 million.
The 136,908-square-foot asset was fully occupied at the time of sale. Long-term tenants include 99 Cents Only and Rite Aid. Additional tenants include DaVita Dialysis, Ace Cash Express, Dunkin’, Baskin Robbins, WaBa Grill, El Pollo Loco, T-Mobile, Panda Express and Boost Mobile.
Orbell Ovaness and Ara Rostamian of the Ovaness-Rostamian Group of Marcus & Millichap represented the seller and procured the buyer in the transaction.