Bruce Joffe Of Joffe Properties Sells Retail Center In Culver City For $23.8M

The property asset involved in the transaction is a multi-tenant retail center located at 5573 Sepulveda Boulevard in the Culver City market. It spans 43,784 square feet and was sold for $23,800,000, resulting in a price per square foot of $543. The property is situated on a 2.85-acre lot and was originally anchored by Big Lots. However, the transaction was complicated by Big Lots declaring bankruptcy during escrow.

Summary of transaction details:

• Property Type: Retail
• Transaction Amount: $23,800,000
• Address: 5573 Sepulveda Boulevard
• Market: Culver City
• Square Footage: 43,784
• Price per Square Foot: $543
• Seller: Bruce Joffe - Joffe Properties
• Buyer’s Representative: Carol Springstead - Springstead & Associates
• Seller’s Representative: Chris Comfort - Apex Properties

Chris Comfort, the Listing Broker, observed over a dozen competitive offers for this property. The closing of this deal was a significant achievement for the brokerage team, especially given the complexities introduced by the bankruptcy of the anchor tenant. The ability to navigate through these challenges reflects the capabilities of the involved parties.