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INGLEWOOD, CA-Two commercial properties across the street from each other–one a grocery-anchored retail site and the other a mixed-use office and retail center–have sold for a combined $27.5 million in separate deals.

The grocery-anchored retail center is Crenshaw Imperial Shopping Center, which One Imperial Plaza L.P. acquired for $15.5 million from New York-based The Praedium Group LLC and ScanlanKemperBard Cos. of Portland, Ore., in a transaction brokered by Sam Allison and Dan Riley of CB Richard Ellis.

The mixed-use center is The Crenshaw Imperial Plaza and Office Towers, which a Calabasas-based partnership involved a 1031-exchange bought for $12 million from a Southern California-based partnership in a deal brokered by Gregory Mills of the Encino office of Marcus & Millichap.

Mills tells GlobeSt.com that the two properties are both at the intersection of Crenshaw Boulevard and Imperial Highway, with the retail center on the northwest corner and the mixed-use center on the southeast corner.

The 159,000-sf grocery-anchored retail center, which was built in 1956 and renovated in 1990, was 94% occupied at the time of the sale.

Christopher Hughes, a Praedium Group principal, says the Praedium-ScanlanKemperBard partnership was attracted to the asset due to its location along major commuter routes within a stable, dense infill neighborhood. The partnership sold it after stabilizing the rent roll and making capital improvements.

In the Crenshaw Imperial Plaza and Office Towers transaction, Mills, who represented both the buyer and the seller, notes that the property is on a ground lease, accounting for the $39 per sf price. The 305,120-sf mixed-use office and retail center includes an additional 31,050-sf pad that is available for future development. Originally constructed in 1960, it was completely renovated in 1988. About 58% of the renters are national credit tenants, including Vons Supermarket, Sav-on Drug and AutoZone. The six-story office building totals 84,829 sf, with California Federal Bank as the major tenant.

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