Playa Vista, Calif. — Marcus & Millichap has arranged the sale of The Shops at Concert Park, a portfolio of two 100% triple-net leased retail condominium shopping centers in Playa Vista, California, a master planned community in the Westside region of Los Angeles.
The buyer paid $16.9 million for the properties. That equates to $743 per sq. ft. The Marcus & Millichap Capital Corp. arranged $10,815 000 in CMBS financing to facilitate the sale.
The portfolio comprises the 11,828-sq.-ft. Pacific Promenade and the 10,907-sq.-ft. Seabluff Drive. Each center is on the ground floor of a mixed-use development, with 179 residential condominiums above.
Marcus & Millichap’s Encino, California, office represented the seller, an affiliate of Brookfield Residential. The buyer is a foreign investor.