A retail property in the Los Angeles area recently sold for a whopping $22 million. The property was sold to a Los Angeles buyer, who was not immediately identified. Known as The Gardens, this retail property offers many opportunities for commercial leases.
CBRE ended up brokering the sale of the retail property. This particular property is more than 96 percent occupied and is near a casino and regional hospital. AU Zone Investments #2 LP was the seller, who reportedly sold the property because its portfolio includes heavy investments in retail, and it wanted to diversify its portfolio by branching out to other types of real estate assets.
Officials with CBRE said that the fact that the property is located in a relatively busy area with excellent demographics is a huge plus. The area not only features high traffic but also has a strong mixture of both regional and national tenants. Businesses that are currently tenants at The Gardens include Subway, 99 Cents Only and Wing Stop.
Investors who are interested in buying properties and offering commercial leases may find some promising opportunities in the bustling Los Angeles area. However, even though the purchase of The Gardens appears to have gone relatively smoothly, not all commercial real estate transactions are as easy to navigate. Even in the seemingly easy ones, a single mistake can end up being costly in a major way financially. A qualified attorney can help with commercial real estate deals featuring a wide range of complexity levels to ensure that one’s ultimate goals are achieved in today’s real estate industry.
Source: bisnow.com, “This Week’s LA Deal Sheet“, Karen Jordan, Aug. 15, 2017