12/27/2007

Grubb & Ellis orchestrates $20M sale of Los Angeles retail/office building

by

Culver Plaza

A Southern California developer operating as 9901 Luxe, LLC has acquired Culver Plaza in Culver City, Calif., for $20 million, or $400 per square foot, from 9901 Washington, LLC.

Ken McLeod, David Ghermezian, David Lachoff and Tom Lagos of Grubb & Ellis represented both the buyer and the seller.

The two-story, 49,986 square foot retail/office building is located at 9901 Washington Blvd. It was 35 percent leased at the time of sale to a mixture of retail and office tenants. The major tenants are Curves and El Pollo Loco. The buyer plans to redevelop the property into a mixed-use project.

Culver City is located approximately 10 miles west of Los Angeles and is home to National Public Radio and Sony Pictures Entertainment.

Lachoff is a senior VP with Grubb & Ellis' Los Angeles office and has been with the company since 1982. Prior to that he was the owner of David Lachoff & Company and a leasing specialist with Summit Realty. Lachoff has been a commercial real estate professional since 1959. He is a graduate of the University of California.

Lagos, also a VP, specializes in Los Angeles retail properties. He has been with the company since 1995 and is member of the International Council of Shopping Centers.

Address: 9901 Washington Blvd., Culver City, Calif.

Size: 49,986 square feet

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Filed Under: Office

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