COLDWELL BANKER COMMERCIAL BROKERS SALE OF RETAIL CENTER IN VENICE, LOS ANGELES

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LOS ANGELES (June 30, 2022) – Coldwell Banker Commercial Realty represented both the buyer and the seller of a two-story retail center located at 503-527 Washington Blvd. in the Venice neighborhood of Los Angeles. The sale price was undisclosed. The property listed for $12,500,000.

George Gross, a commercial real estate professional with Coldwell Banker Commercial Realty, represented both the buyer and the seller in transaction. The buyer conducted a reverse 1031 exchange and intends to hold the property as a long-term investment.

“It was an honor to be trusted with the sale of The Marina Connection shopping center. The sellers were the original developers and owners of the property and had a strong bond with the tenants and the property itself. We received multiple offers on the property but feel it went to the right buyer, another local family with similar assets nearby. Both buyers and sellers are conducting 1031 exchanges,” said Gross.

The building, constructed in 1987, measures 9,800 square feet and was fully leased at the time of the sale.

For additional information, visit www.cbcworldwide.com or contact George Gross at (310) 586-0344 or george.gross@cbcnrt.com. CalRE# 01342211. 

 About Coldwell Banker Commercial Realty

Coldwell Banker Commercial Realty, the local affiliate of Coldwell Banker Commercial®, provides commercial real estate solutions serving the needs of owners and occupiers in the leasing, acquisition and disposition of all property types.  With a collaborative network of independently owned and operated affiliates, the Coldwell Banker Commercial organization comprises almost 200 companies and more than 3,000 professionals throughout the U.S. and internationally. For additional information, visit www.cbcworldwide.com.  

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