The Mansour Group of Marcus & Millichap has arranged the $50 million sale of a Target store in the Huntington Park neighborhood of Los Angeles, from a private company to a New York investor utilizing a 1031 exchange. At 56,000 square feet, the transaction traded for nearly $900 per square foot, making it the largest single tenant net lease retail sale on the West Coast this year.

“This transaction represents a generational opportunity to acquire a best-in-class retail asset with a long-term triple-net lease in a trophy, infill location within Los Angeles,” said The Mansour Group’s Alvin Mansour. “Being the new presence in a world-class trade market is a win-win for Target and the buyer.”

The Target store has over 3.6 million people within a 10-mile radius. “The opportunity to transact in one of the densest submarkets in the country helped generate a highly competitive sales process,” added Mansour.