L.A. retail center sells in 1031 exhange

Asset spends less than 2 months on market

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Hawthorne Exchange, a 60,472-square-foot shopping center in Hawthorne, Calif., recently sold to a limited liability company in a 1031 exchange. West 120th - Hawthorne LLC et al. purchased the asset from Ironwood Hawthorne LLC; both entities are based in nearby Orange County. Built in 2005 and 2006, Hawthorne Exchange is located at 2831-2909 W. 120th St. Situated on nearly 7.1 acres, the property was 97 percent occupied at the close of escrow. At the time of sale, tenants at the center included 24 Hour Fitness Magic Johnson Sport, Starbucks, Sprint/Nextel, The UPS Store, Quiznos, Juice it Up, Countrywide Home Loans and Wescom. According to Richard Walter, president of brokerage Faris Lee Investments, "After less than 60 days on the market, the center garnered eight offers and closed at a 6 percent cap rate." ...