Abraham, who represented the buyer, tells GlobeSt.com that the property attracted 11 offers at full price and that his client won the deal because the seller was looking for an all-cash transaction. He says that the shopping center was built in 1989 on a former Texaco service station site. Just recently, it was brought to seller's attention that the site would need an environmental cleanup, as is common for former gas station sites. One of the concerns of both buyer and seller, Abraham says, was that arrangements for the remediation be assured before the sale closed. The cleanup became the obligation of Chevron when it acquired Texaco; Chevron has already started the remediation.
The center was 100% occupied at the time of the sale, with tenants such as a dry cleaner, restaurant and physical therapy center. The seller was represented by Rick Rivera of Centers Business Management in Los Angeles.
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