UC Buys Two-Parcel Retail Property

SANTA MONICA, CA—The Regents of the University of California has purchased a two-parcel retail property from technology solutions provider PCM Inc. for $20.2 million. The sale of the 37,500-square-foot property will give PCM a potential book gain of $15 million once the sale closes in the fourth quarter of 2014.

PCM is selling the property as part of a 1031 exchange. PCM has not yet found a suitable property for the exchange, but is seeking properties that benefit the company through direct ownership and limited lease obligations, according to the company. The company did not respond to a request for comment before the publication of this story.