Jereme Snyder of Sperry Van Ness in Irvine notes that the buyer paid a $1 million non-refundable deposit with the execution of the contract and closed escrow in 60 days at a price that "exceeded the seller's expectations." Snyder and Geoff Tranchina of Sperry Van Ness in Los Angeles represented the seller, with the buyer represented by Robert Zaharia of Sperry Van Ness in Los Angeles.
Built in 1992 and situated on 14.97 acres, the Whittier Marketplace consists of seven buildings and is occupied by Ralph's supermarket, Sav-on Drugs, AutoZone, Radio Shack, Subway and others. The property also includes Denny's, McDonald's, Blockbuster and Pacific Auto Spa that are on ground leases. The center is located in the uptown Whittier trade area in front of Whittier High School at the corner of Whittier Boulevard and Hadley Street, an intersection with a traffic count of approximately 35,000 cars per day.
In the West Los Angeles deal, a private investor based in Beverly Hills acquired the ground floor retail space of a 60-unit condominium development located at 12222 Wilshire Blvd. for $6.3 million, according to the Irvine-based Hanley Brown Group. The $644 per sf is one of the highest prices per sf paid for a retail property in the area, according to Eric Wohl of Hanley Brown, who represented the buyer and the seller.
Wohl notes that the sale was an all-cash transaction that closed in 17 days. The 100% leased space occupies a high-profile location in West Los Angeles, immediately adjacent to Brentwood and Santa Monica. Its six tenants include Quzinos, Sprint, Hara Sushi, Bagelworks, Elegant Smile Dental and Borgata Music House.
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