crefeed.com | Faris Lee finalizes $28M sale of L.A. retail center

4/24/2008

Faris Lee finalizes $28M sale of L.A. retail center

Ralph's

AMC Associates has purchased a two-building retail center in the Los Angeles suburb of Burbank, Calif., for $28.75 million from Scottsdale, Ariz.-based Univest Development Group, a subsidiary of The CSI Group of Companies.

Shaun Riley and Richard Walter of Faris Lee Investments represented Univest. AMC Associates was represented by Steve Deitrich of Financial Research Group, Terry Marks of National Net Lease Realty and Clifford Letovsky of Letovsky Real Estate Corporation.

The shopping center is located at the corner of Victory Boulevard and Buena Vista Street at 2500-2600 W. Victory Blvd. Built in 1998, the center contains 66,070 square feet and was sold with a 5.58 percent capitalization rate. It is currently triple net leased by Ralph's, which occupies 49,695 square feet, and a CVS Pharmacy, which occupies 16,375 square feet.

A 35-year veteran of the real estate business, Walter was recently featured in crefeed.com's Five Questions With...

Address: 2500-2600 W. Victory Blvd., Burbank, Calif.

Size: 66,070 square feet

Built: 1998

Filed Under: Retail

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