Downey Shopping Center Sells for $11M

Downey Shopping Center Sells for $11M
Southland Development Sells Gallatin Plaza
By Keith Dornin

September 21, 2010

Furst Enterprise Asset Management purchased Gallatin Plaza, a 65,817-square-foot shopping center at 9200-9250 Lakewood Blvd. in Downey, CA, from Southland Development Co. for approximately $11 million, or about $167 per square foot. Built in 1981, the retail complex is on a corner lot of Lakewood Boulevard and Gallatin Road. The property is made up of six buildings with address ranging from 9200 – 9250 Lakewood Blvd. to 9009-9027 Gallatin Road. Anchor tenants in the center include Ralph’s grocery and McDonald’s.

Jon Selznick of Pacific Commercial Investments Inc. represented the seller. Dave Maron and Christine Greene of Stevenson real Estate Services represented the buyer.

Please refer to CoStar COMPS #1969529 for more information on this transaction.