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10/07/19
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A 16.5k sf, retail property in Los Angeles leased by CVS Pharmacy was purchased for $7.25 mil ($439/sf) by a local 1031-exchange investor.
The property is located at 4501 W. Slauson Ave, at a signalized corner. It’s situated in an infill area within eight miles of Beverly Hills, Downtown LA, Santa Monica, Marina Del Rey and Manhattan Beach.
Alan Krueger and Vanessa Haddad of CBRE represented the buyer and the seller in the transaction. Haddad points out that the property’s central LA location boasts high barriers to entry and excellent demographics.
The Greater Los Angeles retail market bounced back after a weak first quarter marred by the closing of big box retailers. Momentum from the second quarter could lead to overall gains by the end of 2019, according to CBRE. Overall vacancy rose 10 basis points quarter over quarter to 5.6%, and average asking lease rates rose to $2.89 per square foot.
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