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 [email protected]. Follow her on Twitter @HannahMadans