CIM Group sells Inglewood shopping center
Capital Insight and its joint venture Parallel Acquisitions and Holdings have acquired Inglewood Plaza, a shopping center in Inglewood, Calif., for $29 million, according to CoStar.
The seller was CIM Group.
The property totals 101,329 square feet, spanning across four buildings.
After four consecutive quarters of declines, overall availability in Los Angeles increased to 18.4 percent in the first quarter — up 40 basis points over the quarter, reported Savills. Class A availability also increased, up 50 basis points over the quarter to 17.6 percent. Even with increasing availability, asking rents pushed upwards. Class A asking rents increased 11.4 percent year-over-year to $3.82 per square foot per month, which reflects a broad market average encompassing high-rent submarkets in West L.A. and Downtown L.A., as well as lower-rent submarkets in the South Bay, San Fernando Valley, and San Gabriel Valley areas. As economic uncertainty continues to rise due to the