Optimus Properties, the owners of The Juanita Tate Marketplace, a 77,096 square foot retail center has received $21.5 million in financing for the property, arranged by JLL Capital Markets.
Located at 1040 Slauson Avenue, in South Los Angeles at the corner of Central Avenue, south of downtown LA and southwest of the city of Vernon, the Juanita Tate Marketplace has had an impressive 95% average occupancy rate since its opening 2014. Currently, the property is anchored by grocer Northgate Market, with other tenants including Chase Bank, CVS, Starbucks, and Panda Express.
This portion of Slauson Avenue, which stretches all the way to the wealthy coastal enclave of Marina del Rey, is an up-and-coming area of Los Angeles, with a concentration of older low-slung industrial buildings and vacant lots. The Metro light rail A line’s Slauson Station is within one mile of the center, although sidewalks along the avenue are frequently crumbling or absent altogether.
As Alex Olson, director of the Debt Advisory team at JLL Capital Markets explains, “The property has a fascinating history which included eminent domain development to remedy a longstanding food desert and a 17-year escrow process.”
The 7-acre center’s success may be partly owed to its location in a particularly dense part of the city, with 1.2 million people living within a five-mile radius. Daily vehicle traffic is estimated to be 22,600 on Slauson Avenue and 26,700 on Central Avenue. The property has a “a state-of-the-art Stormtech storm drain system” in addition to a plaza area featuring contemporary sculptures.
“Juanita Tate Marketplace represented an exceptional and unique investment opportunity in one of the densest parts of Los Angeles,” Olson continued. “Strong anchor tenants, diverse mix of national retailers, the strategic location and strong sponsorship contributed to its appeal in securing favorable financing terms.”
