L.A. retail portfolio goes for $60 million

Investor sells after more than 30 years' ownership

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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. ...