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LOS ANGELES-One buyer has acquired five properties of an 11-property retail portfolio and two other buyers have acquired one property each in a series of complex transactions that needed to be closed simultaneously because some of the properties were under water and some were encumbered by cross-collateralized debt, according to vice president David Chasin of Pegasus Investments. Chasin tells GlobeSt.com that the properties could not be sold individually because of the complexities of the deal, hence the need to close simultaneously. David Chasin and president Ken Chasin of Pegasus have been marketing the portfolio in cooperation with Ben Cherney of the Brentwood office of Sperry Van Ness on behalf of the seller, Inglewood Family Corp.

The properties are all storefront retail that was built in the 1950s and are located at the corner of La Brea and Manchester in Ingelwood. They range from about 1,800 square feet to 14,000 square feet. The buyers included a private individual who bought five of the properties for $3 million, an owner-user and a broker who paid $350,000 for one of the properties and $700,000 for the other.

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