LOS ANGELES—Two retail centers in Los AngelesCounty have sold for a total of $29 million, illustratingincreasing demand for shopping centers in the LosAngeles market. The Sierra Commons in Palmdale andthe Pacific Plaza in Torrance, which total 128,000square feet, were the two properties to trade hands.

“According to Costar, we have seen a 15% increase in transactionvolume and a 20 basis-point compression in cap rates for retailproperties that have sold over $10 million in Los Angeles County,comparing the 12-month periods from 3rd quarter 2013 to 3rd quarter2014,” Bill Asher, the managing director forHanley Investment Group who served as a broker inthe two transactions, tells GlobeSt.com.

Located at 39626 10th Street in Palmdale, Sierra Commons sits onnearly 10 acres with 104,811 square feet of retail space.Grae Palmdale Landlord sold the property to aninvestment firm operating under Progression Real EstateInvestments for $18.3 million in a leasehold-interestsale. The property was 90% occupied at the time of the sale with atenant mix that includes national retailers, like AshleyFurniture, Michaels,BevMo! and The Coffee Bean & TeaLeaf. Asher represented the seller, along with HanleyInvestment Group SVP Patrick G. Kent.