HAWTHORNE, CA—Hawthorne X LLC has purchased the Hawthorne Exchange property from Danros and Cal Select Properties for $25 million, with a 6.53% cap rate. The four-building property is a 60,352-square-foot retail center occupied by 14 triple-net lease tenants. The purchase included the assumption of a $16 million conduit loan.

“The buyer acquired a well-located center with freeway visibility and signage and incredible potential,” Ron Duong, VP of investments and director of the national retail group at Marcus & Millichap, tells GlobeSt.com. “There are multiple avenues to grow net operating income. In addition, the buyer also got a great discount for the property, as there was unattractive assumable financing of which expired in less than nine months. This area is poised for growth and the investor is poised to benefit greatly.” Duong represented the buyer in the transaction, while Brett O’Keefe of RE/MAX Commercial and Miguel Aguilo of TR Wealth Management represented the sellers.

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