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Charles Dunn Co. Negotiates Record-Breaking Sale on Pico Blvd.
LOS ANGELES-(Business Wire)-September 4, 2008 - Jonathan Ahron and David Aschkenasy of Charles Dunn Co., a partner of GVA Worldwide, have teamed to negotiate three separate transactions on Pico Boulevard in Los Angeles.
One of the properties, located at 8727 West Pico Blvd., sold for a record amount paid per square foot on this street.
“When you consider the downturn in the financial market and the state of the economy, it’s apparent that property in a great location will continue to sell, and sometimes, price doesn’t seem to be an issue,†said Ahron, who along with Aschkenasy, works out of the West Los Angeles office of Charles Dunn.
The record-setting single tenant, triple-net transaction involved 11,761 square feet of land, which includes a 5,173-square-foot Coco’s restaurant. Coco's Bakery Restaurant, based in Carlsbad, Calif., purchased the property for $3.6 million, or about $700 per square foot.
The other two storefront properties are located at 8528-8532 West Pico Blvd. (5,532 square feet) and 10616-10618 West Pico Blvd. (5,488 square feet). The properties sold for $1.5 million and $1.4 million, respectively. A Domino’s Pizza will occupy the 10616-10618 West Pico Blvd. address.
“These are transactions where everything seemed to line up just right,†said Ahron. “We not only had a record for square footage and a triple-net transaction, but we also had two national tenants involved, and the Domino’s property closed escrow in 12 days. That doesn’t happen often.â€
About Charles Dunn
Charles Dunn Company, a partner of GVA Worldwide, is one of the largest full service brokerage firms on the West Coast. Established in 1921, the Los Angeles-based company provides a full compliment of real estate services. As a partner of GVA Worldwide, the firm is part of an international organization of real estate industry leaders with 3,500 professionals serving 90 key markets in 20 countries. For more information and office locations, please visit www.charlesdunn.com. For information on GVA Worldwide, please visit www.gvaworldwide.com.
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