{"id":1004290832,"date":"2019-01-11T03:26:42","date_gmt":"2019-01-11T11:26:42","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004290832"},"modified":"2022-12-08T04:08:06","modified_gmt":"2022-12-08T12:08:06","slug":"weiss-development-sells-la-retail-portfolio","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/weiss-development-sells-la-retail-portfolio\/","title":{"rendered":"Weiss Development Sells LA Retail Portfolio"},"content":{"rendered":"<p>By IvyLee Rosario<\/p>\n<div id=\"attachment_1004290853\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/01\/Petco-in-Northridge.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004290853\" data-attachment-id=\"1004290853\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/weiss-development-sells-la-retail-portfolio\/petco-in-northridge\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/01\/Petco-in-Northridge.jpg\" data-orig-size=\"800,620\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"Petco in Northridge\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Petco in Northridge&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/01\/Petco-in-Northridge.jpg?w=800\" class=\"wp-image-1004290853 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/01\/Petco-in-Northridge.jpg\" alt=\"\" width=\"300\" height=\"233\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/01\/Petco-in-Northridge.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/01\/Petco-in-Northridge.jpg?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/01\/Petco-in-Northridge.jpg?resize=768,595 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004290853\" class=\"wp-caption-text\">Petco in Northridge<\/p><\/div>\n<p>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.&nbsp;<\/p>\n<p>Newmark Knight Frank&#8217;s&nbsp;Vice Chairman&nbsp;Bill Bauman, Executive Managing Director&nbsp;Kyle Miller&nbsp;and Senior Managing Director&nbsp;Dan Samulski represented the seller in the transaction.&nbsp;<\/p>\n<p>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.&nbsp;<\/p>\n<p><em>&#8220;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,&#8221;<\/em> said Bauman, in prepared remarks.<em> &#8220;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.&#8221;<\/em><\/p>\n<p>Earlier this week, Newmark Knight Frank <a href=\"https:\/\/www.commercialsearch.com\/news\/kilroy-realty-sells-225-ksf-la-area-office-park\/\">negotiated the $78.2 million sale of Calabasas Park Centre<\/a>, a&nbsp;three-building 225,340-square-foot office campus in Calabasas, Calif. The property sold to&nbsp;a joint venture between Related Fund Management and Cruzan.&nbsp;<\/p>\n<p><em>Image courtesy of Newmark Knight Frank&nbsp;<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>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. <\/p>\n","protected":false},"author":746,"featured_media":1004290853,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21783,1594,21742,21749,15],"tags":[43652,43655,36007],"class_list":["post-1004290832","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-investment","category-los-angeles","category-latest","category-retail","category-west","tag-bill-bauman","tag-kyle-miller","tag-newmark-knight-frank"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Weiss Development Sells LA Retail Portfolio - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/weiss-development-sells-la-retail-portfolio\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Weiss Development Sells LA Retail Portfolio\" \/>\n<meta property=\"og:description\" content=\"The four properties totaling 65,400 square feet include two Petco stores, an Office Depot and a multi-tenant building. 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