LOS ANGELES—Private investor Plaza international has sold Warner Plaza, a 115,000-square-foot retail center in Woodland Hills, CA, to Retail Opportunity Investment Corp. The property traded hands for $76.3 million in an UPREIT transaction, meaning that ROIC paid for the property in stock so that the seller could avoid capital gains tax.

“In the middle of 2015, the owner came to me and said that he was ready to sell, but only if he could sell to a REIT,” Kyle Miller, senior managing director at Savills Studley, tells GlobeSt.com. “I found that interesting, and he said that he wanted to do an UPREIT, which is a mechanism that allows him to defer capital gains tax by taking shares of the publicly traded company for the shopping center.” Miller represented the seller and buyer in the transaction, along with EVP Bill Bauman.

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