SANTA MONICA, CA—The Regents of the University ofCalifornia has purchased a two-parcel retailproperty from technology solutions provider PCMInc. for $20.2 million. The sale of the 37,500-square-footproperty will give PCM a potential book gain of $15 million oncethe sale closes in the fourth quarter of 2014.

PCM is selling the property as part of a 1031exchange. PCM has not yet found a suitable property forthe exchange, but is seeking properties that benefit the companythrough direct ownership and limited lease obligations, accordingto the company. The company did not respond to a request forcomment before the publication of this story.

The property has two buildings and developable land. The largerparcel totals 32,500 square feet and has a 9,750-square-footbuilding occupied by a PCM subsidy as a technology retail store.The occupier will vacate the property as part of the saletransaction. The second, smaller parcel totals 5,000 square feetand has a 3,297-square-foot building on the site, which is notcurrently being occupied. PCM is additionally closing three otherretail stores, shifting focus to retail operations online andbusiness-to-business sales.