Han Widjaja Chen, senior vice president at Lee & Associates Los Angeles – Investment Services Group, represented the buyer and seller in the transaction, both of which were undisclosed.
“This was a highly sought after property that brought numerous qualified buyers to the table,” said Chen. “The seller is doing a 1031 exchange, which allows them to swap one investment for another with zero to limited tax due at the time of the exchange. The buyer owns a private investment group and plans to hold the property long-term.”
Located at 320 W. Bennett
Ave., the property was built in 1963 and boasts 27 units.
Celebrating more than 34 years of leadership excellence in commercial real estate, Lee & Associates is the largest broker-owned firm in the nation, with 49 locations across the nation including California, Arizona, Florida, Georgia, Idaho, Illinois, Indiana, Kansas, Maryland, Michigan, Missouri, Nevada, New Jersey, New York, South Carolina, Texas, and Wisconsin that house more than 750 brokers, Lee & Associates provides a wide range of specialized commercial real estate services. Additional information is available at www.lee-associates.com.