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HAWAIIAN GARDENS, CA-Defeasance didn’t defeat the deal, but it complicated matters in the recent sale of the 78,815-sf Hawaiian Gardens Town Center, according to Reza Etedali of Irvine-based Reza Investment Group, which brokered the sale on behalf of seller Norwalk-Carson Associates. Etedali explains that the sale of the property involved a complicated process of defeasing an existing conduit loan and placing a new conduit loan on the property.

“With interest rates this low and values increasing,” Etedali says, sellers now often see strategic benefit in paying off their existing conduit financing in order to maximize the sale value. The Hawaiian Gardens Town Center, on the southwest corner of Carson Street and Norwalk Boulevard, occupies nearly 6 acres and is leased by a variety of national and regional tenants. The buyer, a private investor, was represented by Tom Gioia of Lee & Associates.

In another retail sale to close recently in L.A. County, Lee & Associates reports that Lee Properties Ltd. bought a 12,800-sf center at 6885 and 6901 La Tijera Blvd. in Los Angeles from La Tijera-Centinella Co. LLC for $5 million. The seller was represented by Ron Feder of the Lee & Associates-LA North/Ventura office, with the buyer represented by Shaun Riley of Faris Lee Investments. The property is a 100% single-tenant triple net leased investment that is occupied by Chuck E. Cheese.

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