The Norwalk property sold for $29.5 million as part of a 1031 exchange, with the buyers representing themselves and assuming an existing $20 million conduit loan. Dixie Walker and Charley Simpson of the Newport Beach office of Grubb & Ellis represented the seller, Rubin-Pachulski Properties of Los Angeles. The shopping center is in the heart of Norwalk at the northeast corner of Rosecrans Avenue and Pioneer Boulevard. The property is 98% leased to 43 tenants, including 99 Cents Only Store, Factory 2U, Bally's, Falles Paredes, Big Lots and Bank of America.
In the South Gate transaction, Firestone Self Storage LLC purchased a 90,648-sf industrial building at 5951 Firestone Blvd. from McClung Development of Laguna Beach for $4.8 million. Steve Bohannon of the South Bay office of Grubb & Ellis, who represented the seller, says the new owner plans to renovate the two-story, concrete tilt-up building into a self-storage facility. Firestone represented itself in the purchase.
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