Triple-Net LA Retail Plaza Sells to Local Investor

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.”