A 66,070-square-foot retail center in Burbank, Calif., has sold in a 1031 exchange to a locally based limited liability company.

Los Angeles-based AMC Associates LLC paid nearly $28.8 million for the property at 2500-2600 W. Victory Blvd., which was built in 1998 on 6.37 acres.

At the time of sale, the property was leased on a triple-net basis to Ralph’s (49,695 square feet) and CVS/pharmacy (16,375 square feet).

According to brokerage Faris Lee Investments, the property garnered 11 offers from prospective buyers and sold at 99 percent of the listing price.


***


What’s your opinion? Leave your comments below or send a
letter to the editor.


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