Hanley Investment Group Real Estate Advisors has successfully completed the sale of a 12,750-square-foot multi-tenant retail center in Inglewood. The property, anchored by Dollar General, was sold for $4.15 million.
The seller, a private investor based in Los Angeles, was represented by EVPs Kevin Fryman and Carlos Lopez along with VPs Sean Cox and Alexander Moore. The buyer, also a private investor from Los Angeles completing a 1031 exchange transaction, was represented by Robert Toofer of Exclusive Realty of Los Angeles.
According to Fryman: “We were able to secure an all-cash buyer who was completing their first shopping center acquisition through the use of a 1031 exchange.” He further added that they negotiated favorable terms including only 16 days for due diligence and just 30 days for escrow to provide assurance to the seller regarding closing.
Originally built in 1961 with renovations done in 2004,the Dollar General Center is situated on approximately .68 acres at1000 South La Brea Ave.in Inglewood. It is conveniently located across from El Super Fresh marketand currently boasts full occupancy.
