LOS ANGELES—Hong Kong-based investor LT Globalhas purchased the South Hills Plaza shoppingcenter from an unnamed Los Angeles partnership for $20.7 million ata 6.8% cap rate. Sitting on 9.4 acres, the 120,598-square-footproperty is anchored by a Marukai Market and24 Hour Fitness.

“Timing was necessitated by the partnership's desire forliquidity. The market is strong and improving, and the partnershipfelt this was an optimal time to sell,” CBRE'sPhil Voorhees tells GlobeSt.com. Voorheesrepresented the seller and the buyer in the transaction along withhis CBRE colleagues Jimmy Slusher, MeganRead, Matt Burson, BradRable and John Read.

The sale generated exceptional interest from institutionalinvestors and private national investors, and received a total of23 offers after the brokerage team distributed nearly 400 marketingpackages. LT Global was the only publicly traded bidder. “The buyeris a sophisticated, publicly-traded developer, owner and operatorbased in Hong Kong,” Voorhees says. “South Hills Plaza provided anexcellent opportunity to enjoy strong current cash flow withimmediate upside potential through leasing. Also, as all pads atthe property were owned, the prospect of future vertical or higherdensity development at South Hills Plaza appealed to the buyer.This acquisition made sense at closing and will be a solid UScornerstone investment for the buyer.”