The buyers were Meesob Investment Company LLC and Fesas Investment Company LLC. The property is a grocery-anchored retail center at the corner of Santa Fe Avenue and Florence Avenue that was built in 1989. It is anchored by Food-4-Less and was 92% occupied at the time of the sale, which was brokered by Matthew Sullivan and Michael Ross of the Downtown Los Angeles office of Colliers Seeley International.
Christopher Hughes, a Praedium Group principal, says the Praedium- ScanlanKemperBard owned the property for less than its typical hold period of three to five years but put the shopping center on the market earlier than usual because the sellers were able to meet the goals of their hold-and-sell strategy ahead of schedule. Hughes says prospective buyers were attracted to the center because of its income stream and its location in an infill neighborhood with limited development potential for new competition.
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