The newly developed shopping center is located at NWC Willow St. and Long Beach Blvd. The sale included everything except Albertson's and Sav-on. The transaction was a 1031 exchange buy to avoid capital gains tax.
The lease rate of the property averages $2 per sf per month. The Los Angeles Metro Rail runs directly behind the shopping center, which is fully occupied. The capitalization rate on the property is roughly 10.5%.
The seller, CTA Wrigley, was represented by Nicholas Coo, David Lee and Rich Walter of Faris Lee Investments. The buyer, Larkey Trust, was represented by independent real estate agent John Valentine.
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