A two-building retail portfolio in the Los Angeles area recently sold to American Commercial Equities LLC for more than $60 million.

“Both properties were purchased as fully leased investments and were part of a 1031 exchange,” according to David Ickovics, managing director at GVA Charles Dunn, the brokerage that handled the deal.

The seller was a private investor who had owned both buildings for the past 35 years.

The three-story retail/office building located in the Beverly Hills Golden Triangle was fully occupied at the time of purchase by several ground-floor retail tenants and office space users on the upper floors.

The other property, a single-story building located on Montana Avenue in Santa Monica, was fully occupied at closing by four retail tenants, and includes a large rear parking lot.

Show Comments Hide Comments

Comments

Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
Success!
Thank you for subscribing to Morning Headlines.
Back to top
Real estate news and analysis that gives you the inside track. Subscribe to Inman Select for 50% off.SUBSCRIBE NOW×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription