A roughly 36,000-square-foot retail property in West L.A. has sold for $22.6 million, CBRE Group Inc. announced March 5.
CBRE’s Ken McLeod and Zachary Card and Jones Lang LaSalle Inc.’s Tim Kuruzar represented the seller, a family trust. The buyer was self-represented.
The property was purchased from an institutional fund.
The two-story retail property, at 12121 W. Pico Blvd. is anchored by Marukai Market and Party City.
“It is extremely rare to acquire an asset of this size in Los Angeles, and many prospective purchasers saw potential in converting the building or developing on its lot to achieve the greatest value,” McLeod said in a statement.
Commercial real estate reporter Hannah Madans can be reached firstname.lastname@example.org. Follow her on Twitter @HannahMadans
For reprint and licensing requests for this article, CLICK HERE.
Stories You May Also Be Interested In
- Marcus & Millichap Brokers Deals for Nearly $30 Million Worth of Retail Assets
- West Hollywood Retail Property Purchased for $25.25M
- Prime WeHo Property Sells
- Koreatown Multifamily Property Sells for $29 Million
- Amoroso Cos. Planning 102-Unit Apartment Building in Sawtelle
- Retail Portion of Mixed-use Burbank Complex Sells for $27 Million
- Office Tower Near LAX Sells for $45 Million
- San Pedro Office Building Sells for $44 Million