The properties, which are located in the Crenshaw District near Crenshaw Boulevard and Martin Luther King Boulevard, brought $3.4 million. The portfolio was 97% leased at the time of sale. It consists of buildings ranging in size from six to 16 units.
The properties were purchased by an investment group and private partnership. Fifty percent of the portfolio was acquired by the Santa Monica-based investment group NMN Properties LLC; the other half was bought by the private partnership composed of three individual investors.
The owner, Holloman Trust, was represented by Barry Baker of Grubb & Ellis' West Los Angeles office. The buyers were represented by Aaron Noble of RE/MAX.
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