Weiss Development Sells LA Retail Portfolio
The four properties totaling 65,400 square feet include two Petco stores, an Office Depot and a multi-tenant building. Newmark Knight Frank arranged the deal on behalf of the seller.
By IvyLee Rosario
Weiss Development has sold a four-property retail portfolio in Los Angeles for $35 million. The properties include one Petco located in Northridge, as well as another Petco, Office Depot and multi-tenant asset located in South Bay.
Newmark Knight Frank’s Vice Chairman Bill Bauman, Executive Managing Director Kyle Miller and Senior Managing Director Dan Samulski represented the seller in the transaction.
The buildings total 65,400 square feet of retail space. The multi-tenant property is home to Starbucks, Subway, Flame Broiler and Sushi Boy. The South Bay assets are outparcels to a Walmart in Torrance and the Northridge Petco is an outparcel to a Costco.
“There continues to be significant demand for well-located retail assets in Los Angeles. NKF 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,” said Bauman, in prepared remarks. “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.”
Earlier this week, Newmark Knight Frank negotiated the $78.2 million sale of Calabasas Park Centre, a three-building 225,340-square-foot office campus in Calabasas, Calif. The property sold to a joint venture between Related Fund Management and Cruzan.
Image courtesy of Newmark Knight Frank