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.

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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.

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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.

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We were unable to reach The Regents of the University ofCalifornia before the publication of this story to determine theirplans for the property, but we will update the story withadditional information as it becomes available. The buyer didrecently lease a 51,342-square-foot medical building in thesubmarket through 2042. The lease was signed as part ofMontecito Medical acquisition of the property for $54.7 million.

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.