LOS ANGELES, July 27, 2017 /PRNewswire/ -- Gardena and Torrance, CA; Ron Duong of the Duong Retail Group closed escrow on two shopping centers in the South Bay: Strawberry Square in Gardena and Yukon Plaza in Torrance. With Strawberry Square, Duong's marketing efforts resulted in multiple offers and a competitive bidding environment which resulted in record pricing at a property price per square foot of $381 and a 5.45% cap rate. Duong procured an all-cash buyer who was local to the property and positioned to unlock the value-add potential of the property, with outstanding terms. With Yukon Plaza, the property closed at a 4.75% cap rate with a short due diligence period to a private investor who recognized the upside potential.
Ron Duong, the lead broker of the Duong Retail Group, is the top retail agent in Marcus & Millichap's Newport Beach office. Ron closed over $112,000,000 in sales in 2016 and is on pace to double that number in 2017. Ron's track record of closings represents some of the highest prices and most aggressive cap rates in the marketplace.
About Marcus & Millichap
With over 1,600 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed over 8,700 transactions in 2015 with a value of approximately $37.8 billion. The company has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry's most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com
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SOURCE Duong Retail Group