A limited liability company has paid $40.7 million for the Japanese Village Plaza retail complex in Los Angeles.

American Commercial Equities LLC purchased the 88,500-square-foot shopping center from JVP Investments Inc. The two-story property, with retail space on the first floor and offices on the second, is located at 335 East Second St.

The buyer purchased the asset “as an investment and plans to invest in capital improvements,” according to a press statement.

Malibu, Calif.-based American Commercial Equities LLC owns and manages a large retail portfolio with properties located throughout California and Hawaii.

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