The buyer was West 120th-Hawthorne LLC, which acquired theproperty from Ironwood Hawthorne LLC in a transaction brokered byRichard Walter and Dennis Vaccaro, president and directorrespectively of Irvine-based Faris Lee, on behalf of the seller.The buyer was represented by Douglas Nye of Manco Development.

Walter says that the Faris Lee marketing campaign targetedprivate investors with experience in operating properties withinLos Angeles County. He describes the Hawthorne Exchange as aquality center with a strong mix of tenants and great location in adensely populated area. The property generated eight offers andclosed at a 6% cap rate.

Vaccaro says that the buyer assumed an in-place, 10-year 5.6%fixed-rate loan through October 2015, which is superior totoday’s current rates, creating a good cash flowopportunity for the buyer. In order to facilitate thebuyer’s 1031 equity requirement, Faris Lee also worked inconjunction with the buyer and its broker to acquire an additionalretail property in the Greater Los Angeles area for $3.25 millionin order for the buyer to complete its trade.