The properties and the prices the buyer paid for them included the Warner Center Marketplace in Canoga Park, $37 million; Palomar Centre in Carlsbad, $23 million; a Walgreens drugstore in Sherman Oaks, nearly $8.9 million; and a CVS Pharmacy in Ocean City, MD, more than $6.2 million. TransAction Financial acquired the assets through affiliate LLCs with 1031 exchange proceeds.
Pelleg describes the Warner Center Marketplace as a 159,00-sf power center at 6500 Canoga Ave. that was 96% leased to national credit tenants at the time of the sale. Tenants include Bed, Bath & Beyond, Borders Books & Music, and Pier I Imports. The seller was the J.H. Snyder Co. of Los Angeles, which was represented by Reza Etedali and Gwen MacKenzie of Sperry Van Ness.
Palomar Centre is a 210,688-sf R&D office building at 2051 Palomar Airport Road in Calsbad that was sold by MG Palomar LLC, which was represented by Mike Randall of Grubb & Ellis. It occupies a 13-acre parcel and was built in two phases in 1982 and 1989. The property is 93% leased, with tenants including the corporate headquarters of Barloworld Inc. and K2 Inc. It is located across the street from McClellan-Palomar airport.
The Sherman Oaks Walgreens is a 15,684-sf store at 5224 Coldwater Canyon Ave. that occupies slightly under one acre. It was sold by Village Properties, which represented itself. Pelleg notes that the Sherman Oaks Walgreens was the 4000th store opened by the chain, which staged a celebration to mark the milestone.
The CVS Pharmacy in Maryland is an 11,970-sf store on 1.3 acres that was sold by Staubach Capital Inc., which was represented by Kyle Woo of Staubach.
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