GRANADA HILLS, CA-The Knollwood Plaza, a 23,922-square-foot retail center has traded hands. According to industry sources unrelated to the deal, private investor Marc Needleman purchased the retail center for an estimated $10 million from Westwood Financial Corp.

NorthMarq secured a $7.2 million loan through a CMBS lender on behalf of the buyer to finance the acquisition. SVP and senior director David R. Blum and SVP and managing director Ory Schwartz of NorthMarq's Los Angeles office secured a 10-year term loan with a 30-year amortization schedule. The transaction includes an 8.0% debt yield.

Located at 11846-11862 Balboa Blvd. in Granda Hills, the retail center is anchored by a Fresh & Easy grocery store. Other tenants include Starbucks, Curves and State Farm Insurance.

There has been increased activity of retail transactions in recent months. GlobeSt.com has recently reported the acquisitions of several retail centers in Los Angeles County. On example is the recent sale of Plaza De La Cañada in Flintridge, CA to Retail Opportunity Investment Corp. for $35.9 million. A Gelson's Market will open at the 100,408-square-foot center in the first quarter of 2014, replacing a Vons grocery store.