12717 Washington Blvd.

12717 Washington Blvd.

The Triangle Center retail property has been sold for the first time in more than 50 years – this time for $17.5 million, or about $360 per square foot in land value – to Vancouver-based Bastion Development Corp., CBRE Group Inc. said.

The property, located at 12717-12761 Washington Blvd. in Culver City and 3984 and 3988 Meier St. in Los Angeles, features four single-unit tenants as well as a 99 Cents Only store. The deal involved more than 550 confidentiality agreements as well as more than 20 offers, according to CBRE.

CBRE’s Alex Kozakov, Patrick Wade and Neal Golub represented the seller, Triangle Center LLC, a private investor. Mary Cronin of Urban Real Estate represented the buyer.

“The current tenants are all in short-term leases, which allows the new owner to collect an income stream while offsetting expenses during the entitlement and repositioning process,” Kozakov said in a statement. “This is a one-of-a-kind chance.”

The property is located near the neighborhoods of Mar Vista and Venice as well as the community of Marina del Rey

Real estate reporter Ciaran McEvoy can be reached at cmcevoy@labusinessjournal.com or (323) 556-8337.