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3/05/20
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A local investor involved in a 1031 exchange paid $4.75 mil for South Soto Center, a 12.4k sf ($383/sf) retail property in Vernon. It was sold by a major Los Angeles based developer.
The building is located at 3600 S. Soto St, just south of the confluence of I-10 and I-5, in a rare commercially zoned property in the city of Vernon, the industrial heart of Southern California. The property sold for a 4.17% cap rate on the current income, with 49% occupancy.
Beau Bonness and Neda Rassouli with Marcus & Millichap represented the seller. Bonness and Rassouli, along with M&M colleague Elliot Schwartz, repped the buyer in the deal. The listing generated multiple offers and closed at the asking price.
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