LOS ANGELES – Hanley Investment Group Real Estate Advisors and SRS Real Estate Partners announced today the $20.9 million sale of a 54,948-square-foot Ralphs-anchored ground-floor retail component at Market Lofts, a mixed-use condominium development in Downtown Los Angeles. Hanley Investment Group Senior Vice President Lee Csenar and SRS Capital Markets Executive Vice President Carlos Lopez represented the seller, MDC Realty Advisors of Denver, Colorado, and the buyer, Mushmel Properties of Los Angeles.
"We generated multiple qualified offers from 1031 exchange investors, private family offices, and institutional investors, ultimately selecting a private, all-cash buyer with whom we had previously transacted," said Csenar. "The buyer agreed to a 15-day due diligence period, giving the seller strong confidence in closing."
Completed in 2007, Ralphs at Market Lofts is located at 645 W. 9th Street and was the first grocery store to open in Downtown Los Angeles since the 1950s. Developed by Lee Homes and CIM Group and designed by KTGY, the seven-story mixed-use community features six floors of residential lofts, totaling 267 units, built above ground-level retail and a subterranean parking garage. The retail component is anchored by a 49,489-square-foot Ralphs Fresh Fare grocery store, along with six additional tenants: The UPS Store, Supercuts, Simply Salads, Qwench Juice Bar, Honeymee, and Momi Sushi.
"Ralphs has achieved high sales volumes at Market Lofts as the dominant grocer in Downtown Los Angeles," Lopez said. "The project's full occupancy and grocery-anchored tenancy, along with its long-term income stability, offer a secure investment opportunity in the heart of Downtown Los Angeles."
Located at the signalized intersections of Flower and 9th streets and Hope and 9th streets, Ralphs at Market Lofts benefits from high visibility, strong pedestrian traffic, and excellent accessibility. The tenant mix — including grocery, restaurant, and service-oriented retailers — offers 100% internet-resistant uses. There is also limited grocer competition. (Target opened in 2010 and Whole Foods opened in 2015.)
It is adjacent to key Downtown Los Angeles destinations, including Crypto.com Arena, LA Live, and the Los Angeles Convention Center. Within a one-mile radius, the property draws from a residential population of 85,000 with an average household income of $97,000. The daytime population reaches 200,000, and more than 1.2 million people live within five miles.
"Ralphs at Market Lofts represented a rare opportunity to acquire a fully leased asset anchored by a dominant grocer in the heart of one of the most dynamic urban centers in the country," said Csenar.
Ralphs, a California grocery chain, has been serving communities since 1873, making it one of the oldest continuously operating grocery brands in the United States. Founded by George Albert Ralphs in Los Angeles, the company started as a small storefront and grew into a leading subsidiary of The Kroger Co., the nation’s largest traditional grocery store operator. Ralphs operates 187 stores across California and remains a market share leader in the state’s competitive grocery industry.
About MDC Realty Advisors
Founded in 2006, MDC Realty Advisors is a fully integrated North American Real estate company that acquires and manages commercial real estate properties on behalf of its clients across Western Canada and the United States. With over $1.5 billion in assets under active management and 7.2+ million square feet of space in office, retail, industrial and multi-family properties, MDC has the expertise, resources and capacity to manage real estate projects at any scale. For more information, please visit www.mdcra.com.
About Mushmel Properties
Mushmel Properties is a privately held, family-owned real estate investment firm with over 40 years of experience and a portfolio exceeding 2,000,000 square feet of retail space throughout Southern California. With in-house management , the company specializes in all-cash transactions, quick closings, and the ability to operate within very short due diligence periods. Known for a no-frills approach and a strong industry reputation for being easy to work with, Mushmel Properties continues to be a trusted and nimble player in the retail real estate market. Visit www.mushmel.com.
About SRS Real Estate Partners
Founded in 1986, SRS Real Estate Partners is building upon its retail foundation to provide extensive commercial real estate solutions to tenants, owners, and investors. Headquartered in Dallas, with 29 offices in the U.S., SRS has grown into one of the industry’s most influential and respected leaders. Our commitment to excellence is strengthened by our Guarantee of Value and our success is measured in the achievement of our clients’ objectives, satisfaction, and trust. For more information, please visit srsre.com.
About Hanley Investment Group
Celebrating 20 years, Hanley Investment Group Real Estate Advisors is a real estate brokerage and advisory services company with an over $11.5 billion transaction track record that specializes in the sale of retail properties nationwide. Our expertise, proven track record, and unwavering dedication to putting clients' needs first set us apart in the industry. Hanley Investment Group creates value by delivering exceptional results through the use of property-specific marketing strategies, cutting-edge technology, and local market knowledge. Our nationwide relationships with investors, developers, institutions, franchisees, brokers, and 1031 exchange buyers are unparalleled in the industry, translating into maximum exposure and pricing for each property. With unmatched service, Hanley Investment Group has redefined the experience of selling retail investment properties. For more information, visit www.hanleyinvestment.com.
Media Contact
Company Name: Hanley Investment Group Real Estate Advisors
Contact Person: Lee Csenar, Senior Vice President
Email: Send Email
Phone: 949.585.7636
Address:3500 East Coast Highway, Suite 100
City: Corona del Mar
State: California
Country: United States
Website: https://hanleyinvestmentgroup.com/