Playa Vista Retail Condos Sold
A foreign investor has purchased The Shops at Concert Park, a portfolio of two fully leased retail condo shopping centers in Playa Vista, for just under $17M, or $743/SF. It's a record-breaking price for retail condos in LA, Marcus & Millichap's Brandon Michaels told us today. "We opened and closed escrow at the same price, which on a transaction like this is pretty remarkable." He and Janette Monfared repped the seller, an affiliate of Brookfield Residential. The fully leased retail centers are located on the ground floors of two mixed-use residential buildings containing 179 units each, and house both local and national tenants such as Bank of America, Coffee Bean and Pinkberry. (One gust of wind and you've got some great coffee flavored ice cream.) M&M Capital Corp's Sharone Sabar arranged nearly $11M in CMBS financing.