Maywood, Calif. – The center was 94 percent occupied at the time of sale.
Maywood, Calif. – CBRE has brokered the sale of Maywood Village Square, a 48,324-square-foot convenience strip center located in Maywood, for $11.5 million. The center is anchored by O’Reilly Auto Parts, Subway, US Bank, Yoshinoya, Western Dental Services and a new Fitness 19 health club, which will occupy nearly 9,000 square feet of the property. The property was 94 percent occupied at the time of sale.
CBRE’s Philip Voorhees, Jimmy Slusher, Richard Rizika, Megan Read, Brad Rable, Matt Burson and John Read represented the seller, a partnership led by Santa Monica, Calif.-based Watt Companies. The buyer, also represented by CBRE, was a Los Angeles-based private investor.
Developed in 1991 by the Watt Companies, Maywood Village Square is a wholly owned 3.73-acre site with access from Slauson Avenue. The retail center was encumbered by a non-recourse CMBS (Nomura Capital & Credit, Inc.) loan maturing in October 2013, which the buyer assumed.
— Scott Reid