El Dorado. Image courtesy of Hanley Investment Group
DPI Retail has sold El Dorado Shopping Center, a 74,500-square-foot retail center in Long Beach, Calif. Milan Capital Management purchased the asset for $21.3 million.
The property became subject to a $12.7 million permanent loan originated by Ohio National Financial Services, according to CommercialEdge data. The same source shows that DPI Retail acquired the property for $6.8 million back in 2001.
The shopping center is anchored by Dollar Tree and Grocery Outlet. In 2019, Grocery Outlet has executed a 10-year lease with 10 percent increases every five years. Other tenants at the center include Goodwill Industries, Gentle Care Clinic, P.S. Optical and Huff’s Restaurant. The center was 93 percent occupied at the time of the sale.
El Dorado was completed in 1965 and renovated in 2003. The center encompasses two buildings across a 7-acre site. The property also offers a value-add opportunity to lease a 5,040-square-foot former restaurant.
The shopping center is located at 8105-8195 E. Wardlow Road, in the Gateway Cities submarket. Within a 5-mile radius from the property, there are approximately 513,000 residents with an average household income of $120,000.
Hanley Investment Group‘s President Ed Hanley and Executive Vice President Kevin Fryman arranged the transaction on behalf of the seller. At the end of last year, Fryman and Hanley also represented Orton Development in acquiring a 139,486-square-foot retail center in Dublin, Ohio.
