In the Canoga Park deal, Ron Feder of the Lee & Associates-LA North/Ventura office reports that Kids from the Valley acquired a center at 6800-6846 DeSoto Ave. from DBL Axel LLC. Feder represented the buyer, with the seller represented by Jon Paley of Paley Commercial. The plaza is 100% leased to tenants including Jack-in-the Box, Value Plus, and Yum Yum Donuts.
In the Palmdale transaction, the Irvine-based Hanley Brown Group reports that 5210-5211 93rd St. LLC of Los Angeles bought its portion of the Palmdale property from CP Palmdale LLC of San Diego, with Edward Hanley representing the buyer and the seller. The 113,000-sf center, which is 100% occupied, was built in 1990.
The buyer, in a 1031 exchange, acquired shop space on 2.73 acres that includes H&R Block, Sally Beauty, Subway, and Spudnuts Donuts. The center, which is anchored by a Food 4 Less and a Rite Aid, also includes a McDonald's and a KFC, none of which were part of the deal.
Hanley notes that the center occupies a high-traffic intersection at East Avenue S and 25th Street East in one of the fastest growing areas in Los Angeles County. With Food 4 Less recently expanding its store to accommodate the area's growth, the buyer "acquired an outstanding shopping center" to satisfy its 1031 exchange requirement," he says.
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