Charles Dunn Co., a partner of GVA Worldwide, negotiated the sale of a single-tenant, 5,173-squrare-foot retail property on Pico Boulevard in Los Angeles to a family trust for $3.6 million, or $700 per square foot, a record-breaking price. The property is occupied by Coco’s Bakery Restaurant and involves 11,761 square feet of land.
“There is a lot of upside here, it’s a very high traffic street, it’s on a corner lot, with excessive parking,” said Jonathan Ahron, who along with David Aschkenasy negotiated the transaction on behalf of Charles Dunn. “Even considering the downturn in the economy, good real estate is good real estate and a good location is always important.”
The all-cash transaction featured a 3 percent cap rate. The property is located at 8727 West Pico Boulevard.
General Growth Properties repaid $391 million of near term maturity mortgage loans, following another recent closing with respect to the staged funding of its $1.75 secured loan facility. The company’s total outstanding loan facility now amounts to $1.41 billion. The company plans to add additional lenders to the loan facility until the total amount funded reaches $1.75 billion…Inland Real Estate Corp. received a $140 million loan to help reduce the balance on its existing unsecured line of credit and retire remaining 2008 secured maturities. The current loan will mature in September 2010…CB Richard Ellis Debt & Equity Finance procured a $60 million permanent loan for Aviation Plaza, a 445,208-square-foot power center in Linden, N.J. The loan featured a 5.96 percent interest rate…Holliday Fenoglio Fowler, L.P. negotiated the sale of the Courtyard Shops at Wellington, a 127,000-square-foot retail center in Wellington, Fla., from AEW Capital Management to Federal Realty Investment Trust for $38 million…Marcus & Millichap Real Estate Investment Services negotiated the sale of a 24-store Dollar General portfolio located throughout Texas and Alabama for $20 million…Brauvin Net Lease, LLC and Brauvin Net Capital, LLC acquired 11 corporate Steak n Shake restaurant locations for $16 million in a sale/leaseback transaction. The buildings contain a total of 45,915 square feet of space… Hanley Investment Group Real Estate Advisors negotiated the sale of four single-tenant retail properties in Southern for $14 million.