Weiss Develop. sells LA Retail portfolio
Weiss Development has sold a four property retail portfolio in Los Angeles for $35 million. They includes one Petco located in Northridge, as well as another Petco, Office Depot and multitenant asset located in South Bay.
The properties total 65,400 square feet of retail space. The multi tenant property is home to Starbucks, Subway, Flame Broiler and Sushi Boy.
Newmark Knight Frank’s Vice Chairman Bill Bauman, Executive Managing Director Kyle Miller and Senior Managing Director Dan Samulski represented the seller in the transaction.
Bauman said, “There continues to be significant demand for well-located retail assets in Los Angeles. NKF advised the seller that a break-up strategy to individual investors would yield the highest value, therefore we deployed a patient strategy and targeted 1031 buyers and existing ownerships within the surrounding shopping centers. Three of the four buyers were active 1031 buyers with the fourth being an institutional owner that already controlled the balance of the shopping center.”
Source: CP Executive
Fulya Altunyay/[email protected]