Valu-able property. (Real Estate).K.V. Mart Co. is getting out while the getting's good. The Carson-based grocery company, whose operations include Top Valu Markets and Valu+ Food Warehouse, sold Lawndale Marketplace for $10.8 million. The 88,000-square-foot property at 15202 Hawthorne Blvd. is fully leased and anchored by a 30,000-square-foot Valu+. The sale is part of the company's effort to divest To deprive or take away. Divest is usually used in reference to the relinquishment of authority, power, property, or title. If, for example, an individual is disinherited, he or she is divested of the right to inherit money. from its Southern California Southern California, also colloquially known as SoCal, is the southern portion of the U.S. state of California. Centered on the cities of Los Angeles and San Diego, Southern California is home to nearly 24 million people and is the nation's second most populated region, property portfolio in order to grow its two brands. Including the Lawndale site, the company has sold three shopping centers totaling 182,000 square feet in recent months. The 40-year-old center, which includes a Say-on and Payless ShoeSource Payless ShoeSource is a discount footwear retailer that was founded in 1956 in Topeka, Kansas. Shaol Pozez and his cousin Louis Pozez founded and operated Payless Shoes. In 1961, it became a public company as Volume Shoe Corporation. , sold at less than a 10 percent capitalization rate Capitalization Rate According to the Appraisal Institute, it is a method used to convert an estimate of a single year's income expectancy into an indication of value in one direct step, by dividing the income estimate by an appropriate rate. . "They're expanding their grocery business, and they're using the funds to do that," said Chris Thompson
Chris Thompson (also known as Chris Hamlet Thompson , vice president of Investment Real Estate Associates who represented both sides of the deal. "They got a good cap rate." The buyer is an affiliate of Creative Properties, a syndicate of Westside investors that owns seven shopping centers throughout Southern California. Staff reporter Danny King can be reached at (323) 549-5225 ext. 230, or at dking@labusinessjournal.com. |
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