Walter says that the center, which is occupied by a Ralphs and aCVS drug store, drew strong investor interest from 11 bidders thatranged from "every category of buyer, from institutional toprivate" because it is such a quality property in a qualitylocation. "Everybody wanted this deal," the Faris Lee presidentsays.

The two-building center is at the southwest corner of VictoryBouleard and Buena Vista Street at 2500–2600 W. Victory Blvd. Itwas built in 1998 and is situated on 6.37 acres. The surroundingBurbank area is regarded as one of the most desirable and provenareas in Southern California.

The buyer was Los Angeles-based AMC Associates LLC, whichacquired the center from Univest Development Group of Scottsdale,AZ. Walter says that AMC Associates worked hard to win the dealbecause the property met AMC's exchange requirements perfectly.Walter points out that despite the upward pressure on cap rates intoday's changing market, the 5.58% cap rate is one of the lowestever paid for a market/drug-anchored shopping center in Los AngelesCounty.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.