Family trust bags SoCal retail center

Grubb & Ellis represented a private family trust in the purchase of La Verne Courtyard, an 85,036-square-foot retail center in La Verne, Calif.

The transaction was valued at $16 million.

La Verne Courtyard is located at the southwest corner of Foothill Boulevard and White Avenue, less than one mile south of the new 210 Freeway. Orchard Supply Hardware and Office Depot anchor the center, which was 100 percent leased at the time of sale.

Steadfast Properties of Newport Beach sold the asset. The buyer was in a 1031 exchange and assumed the existing loan.

Dixie Walker and Charley Simpson of Grubb & Ellis' Newport Beach office represented the seller in the transaction. The buyer represented itself.

Grubb & Ellis is a global provider of integrated real estate services.

***

What's your opinion? Send your Letter to the Editor to newsroom@inman.com.

All rights reserved. This content may not be used or reproduced in any manner whatsoever, in part or in whole, without written permission of Inman News. Use of this content without permission is a violation of federal copyright law.