Newmark announces the completion of a four-property retail portfolio sale for approximately $35 million. The four properties in the portfolio include a Petco located in Northridge and a Petco, Office Depot, and multi-tenant property all located in the South Bay.
Newmark Vice Chairman Bill Bauman, Executive Managing Director Kyle Miller and Senior Managing Director Dan Samulski represented the seller, Beverly Hills-based investor Weiss Development, to the buyers, a mix of private and institutional investors.
The portfolio totals more than 65,400 square feet of space. Three of the properties are single tenant. The fourth property is multi-tenant and includes restaurants such as Starbucks, Subway, Flame Broiler, and Sushi Boy. The Office Depot and multi-tenant strip center are outparcels to a very successful Walmart in Torrance, while the Petco in Northridge is an outparcel to a high-volume Costco.
“There continues to be significant demand for well-located retail assets in Los Angeles. Newmark advised the seller that a break-up strategy to individual investors would yield the highest value, therefore we deployed a patient strategy and targeted 1031 buyers and existing ownerships within the surrounding shopping centers. Three of the four buyers were active 1031 buyers with the fourth being an institutional owner that already controlled the balance of the shopping center,” said Bauman.
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 16,000 professionals operate from approximately 430 offices on six continents. Newmark’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
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