NORTHRIDGE, CA -- A Northridge, CA investment company has completed the
acquisition of retail and industrial property leased investments in Northridge and
Thousand Oaks, respectively, as part of a tax-deferred exchange valued at approximately
$2.7 million, announces Westcord Commercial Real Estate Services.
Joe Lopez, president of the
Van Nuys, CA office of Westcord, reports that Durose Corp. purchased a 17,000 sq. ft.
retail center on a half acre at the southwest corner of Reseda Blvd. and Parthenia
St. occupied by Auto Zone and Smog Test Only.
Also acquired was as 5000
sq. ft. automotive-oriented industrial facility on one-third of an acre at 102 Cunningham
St., Thousand Oaks, occupied by Skeeters Performance Shop. This property was
represented by Rick Principe, CEO of Westcord, who is also a principal in TR Funding, the
seller.
Joe Lopez and Jill Lopez,
also of Westcord, represented Durose Corp. in both transactions, as well as M&A Gabaee
CLP, the seller of the Northridge property.
Joe Lopez reported that the exchange transaction was triggered with Durose's recent sale
of a Sun Valley, CA mobile home park. Durose hired Westcord to locate properties for
an all-cash re-investment of proceeds from that sale, and to include retail in the
package.
Lopez added that both
properties will be managed by Westcord Valley Management of Van Nuys, an affiliate of
Westcord Commercial Real Estate Services.
Westcord is one of the Los
Angeles area's top 25 commercial real estate companies with offices in Westlake Village,
CA, and Van Nuys, CA. |
