The seller developed the two properties in 1986 and 1993 and had owned them ever since, broker Anthony Thompson of the Charles Dunn Co. tells GlobeSt.com.
Thompson, who represented the seller, says National Dollar owned the properties on a fee simple basis, even though they are in the middle of the larger Crenshaw Plaza Shopping Center at the southeast corner of Slauson Avenue and Crenshaw Boulevard.
Investors are eager to buy retail properties like these, Thompson says, because they are in an urban area that is under-served by retail.
The two retail buildings are fully leased to tenants that include Payless Shoe Source, Viva Bargain, and a free-standing fast-food restaurant occupied by Popeye's Chicken. The adjoining Crenshaw Plaza includes a Ralph's Grocery, Rite Aid, Burger King, Anna's Linens and an Arco Gas Station.
The buyer of the two retail buildings was represented by Jason Chung of Jikal Investments.
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