Frank Mushmel Of Mushmel Properties Acquires Retail Asset From MDC Realty Advisors For $20.9M

The retail property located at 645 West 9th Street in Los Angeles was sold for $20,900,000. The asset encompasses a total area of 54,948 square feet, resulting in a price per square foot of $380.

Summary of transaction details:

• Property Type: Retail
• Transaction Amount: $20,900,000
• Buyer: Frank Mushmel - Mushmel Properties
• Seller: MDC Realty Advisors
• Brokers: Lee Csenar - Hanley Investment Group; Carlos Lopez - SRS Real Estate Partners
• Due Diligence Period: 15 days

Lee Csenar and Carlos Lopez played significant roles in the transaction, representing the seller and buyer respectively. The transaction attracted multiple qualified offers from 1031 exchange investors, private family offices, and institutional investors, ultimately leading to the selection of a private, all-cash buyer with a prior relationship to the seller, enhancing confidence in the closing process.