Progressive Real Estate Partners arranged the $3.5-million all-cash sale of a 7-Eleven anchored triple-net retail strip center at 728 W. Vernon Ave. in Los Angeles. The 6,300-square foot, three-tenant center is fully leased. 

President Brad Umansky, CCIM and investment sales advisor Lance Mordachini represented both parties in the transaction.  The seller was a Los Angeles County-based private investor and repeat client of Progressive Real Estate.  The buyer was a private Los Angeles County-based investor and business operator who also owns other retail properties in the trade area. 

 Mordachini said, “The 7-Eleven corporate lease and high-density Los Angeles trade area sparked a lot of interest resulting in multiple offers for the property. We were able to identify a highly qualified and motivated cash buyer with a proven track record in the trade area and went from listing to close in just 74 days.” 

Marcus & Millichap closed the sale of 1423-1427 E. 14th St., a 6,603-square-foot retail property located in San Leandro. The asset sold for $2,950,000.

Quentin Caruso, senior associate, and Vince Schwab, executive managing director investments in Marcus & Millichap’s San Francisco office, marketed the property on behalf of the seller, a partnership.   

“The property was marketed for two months before going under contract,” said Caruso. “The seller was able to leverage offers from three separate buyers to get the strongest possible closing terms. The buyer is a private, local investor who plans to continue to operate the building with the current tenants.”

1423-1427 E. 14th is a six-unit strip retail building. “Tenants include Tsuru Sushi, Ippai Izakaya, BevBox convenience store and Tapioca Express,” Caruso added. “The leases are all triple-net and the building had no deferred maintenance.“