Sales Deals of the Week: LA ‘Mansion Tax’ Shaves Off 5.5% of $122M Deal

The top five sales across the country from May 6 to May 10

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A 214-unit apartment complex in Los Angeles traded hands this week for $122 million. Consider that proof of life for Southern California’s investment sales market. However, that was technically a discount since the city took a 5.5 percent cut, thanks Los Angeles’ new “Mansion Tax.” There was also some dealmaking in Florida, with buyers stepping up to purchase a trio of warehouses in Pompano Beach, Fla., for $44.6 million and Baptist Health selling off a 21-acre development site in Homestead, Fla., for $14 million.

Amount Address Buyer Seller Brokers Asset
$122 million 5710 East Crescent Park; Playa Vista, Calif. DivcoWest Clarion Partners N/A Multifamily
$23.9 million 2151 Blount Road, 1280 and 1300 NW 22nd Street; Pompano Beach, Fla. Invesco Real Estate Ares Management CBRE’s Jose Lobón, Frank Fallon, Trey Barry and Royce Rose Industrial
$20.7 million 3141 SW 10th Street; Pompano Beach, Fla. Link Logistics Elion Partners Cushman & Wakefield’s Dominic Montazemi, Mike Davis, Greg Miller, Rick Brugge and Rick Colon Industrial
$14 million Lot at the corner of Southwest 312th Street and Northeast 30th Avenue; Homestead, Fla. The Estate Companies and Midtown Group Baptist Health South Florida N/A Development site
$13 million 105-109 First Avenue; Manhattan Lawrence Movtady Eis Family Avison Young’s Brandon Polakoff and Ryan McGuirl Multifamily

Sales Deals of the Week reflect deals closed or announced from May 6 to May 10. Information on sales can be sent to editorial@commercialobserver.com

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