The Glendale property is the Glendale Exchange and occupies a1.4-acre site where buyer 1027 Wilshire Associates LLC of Hollywoodplans a repositioning. The new owner acquired the property fromGlendale Exchange MW of Florida for $22.5 million, according to CBRichard Ellis brokers who represented the seller.

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The CBRE brokers note that the Glendale Exchange site is plannedas a repositioning effort to fit into the City of Glendale's visionfor a mixed-use urban village epicenter, which includeshigh-profile projects such as the soon to be completed Americana atBrand being developed by Caruso Affiliated of Los Angeles. Theseller was represented by Dan Riley and Sam Alison of the CBRichard Ellis Private Client Group, along with Geoff Martin of CBRichard Ellis brokerage.

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The Glendale Exchange is 100% leased, with a tenant roster thatincludes a 10-screen Mann Theater that occupies almost 54,000 sf intwo buildings, along with a 6,000-sf Tony Roma's restaurant. Thenew owner has yet to complete redevelopment plans, but the CBREbrokers report that the options include the addition of amultifamily component that would support the increased demand forDowntown Glendale living, in addition to retail and office.

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Riley says that the Glendale Exchange "is well-positioned tobenefit from being part of the urban, mixed use village conceptthat the city of Glendale envisions for this area." Pointing outthat Glendale "has followed a well-orchestrated approach toencouraging new business and development," Riley says that theproperty represented "an opportunity for a buyer to come in andtake advantage of stable in place income while planning for arepositioning of the property in the next three to four years."

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In the Culver City deal, a local Southern California developeracquired Culver Plaza, a 49,986-sf retail and office property on41,953 sf for $20 million. According to the Grubb & Ellisbrokers involved in the deal, the buyer plans to redevelop theproperty, which was 35% occupied at the time of the sale.

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Culver Plaza is a two-story building that is occupied by tenantsCurves and El Pollo Loco. The second floor, which totalsapproximately 26,000 sf, was recently vacated by Mann Theaters. Theproperty also includes 360 subterranean parking places.

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The sale was brokered by Ken McLeod, David Ghermezian, DavidLachoff and Tom Lagos of the West Los Angeles office of Grubb &Ellis, who represented the buyer and the seller, 9901 WashingtonLLC. McLeod points out that the second-floor space can accommodatemany alternative uses, including office, retail or loft, and mayallow for additional square footage through verticaldevelopment.

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