Investor gains SoCal retail center in 1031 exchange

Fitness tenant anchors site

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Faris Lee Investments brokered the sale of Hawthorne Exchange, a 66,500-square-foot retail center in Hawthorne, Calif. The value of the transaction was $22.3 million. The property is located at the southeast corner of Crenshaw Boulevard and the 105 Freeway. At the time of sale, the retail center was 75 percent occupied with tenants that included 24 Hour Fitness Magic Johnson Sport Club, Wescom, Starbucks, Quiznos and Nextel. Westrust, a Calabasas, Calif.-based retail developer, sold the property to Orange County, Calif.-based Frost Investments in a 1031 exchange. Irvine, Calif.-based Faris Lee Investments is an advisory and brokerage firm specializing in retail real estate. *** What's your opinion? Send your Letter to the Editor to opinion@inman.com....