Century City-based real estate investment firm Magellan Group Inc. has sold two Commerce properties – one an industrial space and the other a self-storage facility – for a total of $77.6 million.
Blackstone subsidiary Blackstone Property Partners purchased the 290,000-square-foot Commerce Business Center at 6000 S. Eastern Ave. U.S. Storage Centers purchased Magellan Storage Commerce, a 1,348-unit, 144,000-square-foot building at 5415 E. Olympic Blvd.
Magellan was represented in the Commerce Business Center sale by the Newmark Knight Frank team of Executive Managing Director Bret Hardy, President Kevin Shannon, Managing Director Scott Schumacher, Executive Managing Director John McMillan and Senior Managing Director Jeff Sanita.
Magellan was represented in the sale of Magellan Storage Commerce by the Cushman & Wakefield team of Senior Director Greg Wells and Executive Managing Director David Hasbrouck.
Real estate reporter Ciaran McEvoy can be reached at email@example.com or (323) 556-8337.