The purchase price was "99% of" the asking price, according to Hamid Soroudi of the Charles Dunn Co., who represented both the buyer and the seller, 27th Pico Blvd. II Limited Partnership.
The single-story retail center was 11.6% vacant at the time of the sale, Soroudi says, but it commanded a top price because of its location.
"The property is commercially zoned," Soroudi tells GlobeSt.com, but it is surrounded by residential areas, so it is even more valuable.
The center was constructed in 1965 and is occupied by 14 tenants, including a Blockbuster video store and a Winchell's donut shop.
"The buyer was in a 10-31 exchange and was looking for something for a long-term hold," Soroudi tells GlobeSt.com. "The property also has some potential to be redeveloped because it's in such a good location."
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