LOS ANGELES—The Kanin Family Trust has purchased the building housing a dog boarding facility called Pooch Hotel, a brand owned by Petco, from 1240 Palmetto LLC for $11.1 million, GlobeSt.com reports exclusively. The family trust purchased the building as part of a 1031 exchange, and plans to use it as a leased investment.

The two-story, 18,000-square-foot property is located at 2250 Barrington Ave. in West Los Angeles. “The West L.A. commercial market is high barrier to entry level market with few investment opportunities,” Mollie Shea Dietsch, a broker at Lee & Associates Commerce office who represented the buyer in the transaction, tells GlobeSt.com. “The tenant Petco provided national credit and allowed the buyer to diversify from residential investment to retail.”

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