crefeed.com | Faris Lee sells California retail property

11/13/2007

Faris Lee sells California retail property

Hawthorne Exchange Shopping Center

Orange County, Calif.-based West 120th - Hawthorne LLC has acquired the 60,472 square foot Hawthorne Exchange Shopping Center in Hawthorne, Calif., from Ironwood Hawthorne LLC.

Richard Walter and Dennis Vaccaro of Irvine, Calif.-based Faris Lee Investments represented the seller while Douglas Nye of Manco Development handled the negotiations for the buyer.

Located at 2831-2909 W. 120th St., the retail center was completed in 2006. It is situated on 7.05 acres and was 97 percent occupied at the time of sale to tenants including 24 Hour Fitness Magic Johnson Sport, Starbucks, Sprint/Nextel, The UPS Store, Quiznos, Juice it Up, Countrywide Home Loans and Wescom.

The buyer purchased the property as part of a 1031 exchange that included a Los Angeles retail property valued at $3.25 million.

Hawthorne is located 15 miles south of Los Angeles and has a population of roughly 84,000.

Address: 2831-2909 W. 120th St., Hawthorne, Calif.

Size: 60,472 square feet

Built: 2006

Filed Under: Retail

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