The 4,228-sf center is anchored by Lucy's Laundry Mart and a Blockbuster Video. The property was purchased by a 1031 Exchange Investor for tax purposes. The retail center is located at 728 W. Vernon in Los Angeles. The close of escrow was April 24, 2002.
The capitalization rate on the purchase is 7.49%. The price per square foot for the property is estimated to be within $225. The figure is considered fair market value for a property of its size, location and general upkeep.
The seller, Lucia Properties, LLC, was represented by Nicholas Coo and Patrick Kent of Faris Lee Investments. The buyer, the Shin Family Trust, would not disclose who represented them in the transaction.
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