PLAYA VISTA, CALIF. — Marcus & Millichap has brokered the sale of The Shops at Concert Park, a portfolio of two shopping centers in Playa Vista, for $16.9 million. A foreign investor acquired the 11,828-square-foot Pacific Promenade, located at 13020 Pacific Promenade, as well as the 10,907-square-foot Seabluff Drive, located on the corner of Seabluff Drive and Runway Drive. Both properties are situated on the ground floors of mixed-used developments, each of which features 179 condominiums. Tenants at Pacific Promenade include Bank of America, Coffee Bean and Race Telecommunications. Tenants at Seabluff Drive include Playa Vista Medical Center, Playa Pilates and Pinkberry. Brandon Michaels and Janette Monfared of Marcus & Millichap represented the seller, an affiliate of Brookfield residential, in the transaction. Sharone Sabar, also of Marcus & Millichap, arranged $10.8 million in CMBS financing for the buyer.
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