LOS ANGELES—An unnamed New York-based investor has acquiredSeasons Place, a 78,956-square-footshopping center, for $43 million from anundisclosed seller. Located at 18558 E. Gale Ave. in the City ofIndustry, the property is nearly fully occupied at the time of thesale. It traded hands at a cap rate of 5.15%.

“The Buyer wanted great visibility as well as ownership in SanGabriel Valley and an Asian-infused market,” GeriDelrosario, an associate at SperryCommercial who represented the buyer in the transaction,tells GlobeSt.com, adding that the buyer will continue dailyoperations and has no renovations planned. Delrosario representedthe buyer along with Sperry SVP Jim Resha,CCIM.

The property was purchased as the upleg in a 1031exchange valued at $10 million. To avoid a competitionwith other buyers, Delrosario looked specifically for off-marketproperties, and was involved in several negotiations with differentproperties, all in the $40 million price range. “The seller had nointentions of selling before the offer was submitted. These typesof transactions occur primarily on relationship-based off-market,”says Delrosario.