The buyer paid $7.5 million for the retail complex, Lynwood ValuPlus Marketplace. It was 100% leased at the time of sale. Anchored by ValuPlus Food Warehouse, the shopping center stands at 10721 S. Atlantic Ave.
Scott Crane of NAI Capital represented the buyer, Culver City-based Continental Development. The Grubb & Ellis brokerage team, consisting of Dixie Walker, Michael Randall, Kevin Shannon and Charley Simpson, represented the seller, Manhattan Beach-based Market Ventures.
According to a recent report published by Grubb & Ellis, consumer confidence in LA is higher than in most other areas of the nation. The study also reports that 12.6 million sf of retail development is either planned or under construction in Los Angeles County.
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