L.A. retail deal nears $29M
Buyer pays all-cash in 1031 exchange
By Inman News, Thursday, April 24, 2008.A 66,070-square-foot retail center in Burbank, Calif., has sold in a 1031 exchange to a locally based limited liability company.
Los Angeles-based AMC Associates LLC paid nearly $28.8 million for the property at 2500-2600 W. Victory Blvd., which was built in 1998 on 6.37 acres.
At the time of sale, the property was leased on a triple-net basis to Ralph's (49,695 square feet) and CVS/pharmacy (16,375 square feet).
According to brokerage Faris Lee Investments, the property garnered 11 offers from prospective buyers and sold at 99 percent of the listing price.
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