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10/12/18
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An L.A.-based investor in a 1031 exchange paid $5.5 mil for a newly developed, 2.4k sf ($2,291/sf) single-tenant property occupied by Del Taco in San Pedro. Del Taco recently opened its doors at this location and signed a 20-year corporate guaranteed triple-net lease.
Located at the northeast corner of 4th and Gaffey at 350 S Gaffey St, the property is situated on an 18.5k sf land parcel along a major retail corridor that sees more than 40,000 cars per day from Gaffey Ave. Additionally, the tenant benefits from a population of more than 115,000 people within a three-mile radius and an additional daytime workforce population of more than 67,000 people within a five-mile radius.
Kyle Gulock with Charles Dunn Company represented the buyer in the deal. The seller, a joint venture of Rich Development Enterprises and Paragon Commercial Group, was repped by Highland Partners Corp. The transaction closed at a 4% cap rate.
“This acquisition was a strategic upleg in a 1031 exchange for my client who was seeking to preserve cash flow for the family trust,” said Gulock. The investor sold a single-tenant Bank of America-occupied property with a four-year lease term in place and exchanged the proceeds into this property.
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