|
|
6/10/16
|
A 3.1k sf, single-tenant, NNN-leased property occupied by Wendy’s in Canoga Park sold for $2.975 mil, or about $960/sf. The property was acquired by an OC-based private investor in a deal that closed at 5.87% cap rate.
Built in 2001, the property is located at 8232 De Soto, near the major cross street of Roscoe Blvd. The property sits on an infill Los Angeles location with ideal demographics for a fast food restaurant.
Kyle Gulock and Jason Cope of Charles Dunn Company represented the buyer in the deal. The seller, a private investor from Los Angeles, was represented by Sands Investment Group.
“We represented the buyer on the ‘down leg’ sale of a net leased investment property earlier this year and this acquisition satisfied its 1031 exchange,” said Gulock. “The purchase of the Wendy’s occupied asset provided our client with a stable investment, that offered greater cash flow, and a longer lease term in place. The buyer plans to hold this property long term.”
|
|
 Return to the Archive page
|
|
|
|
|
Printer-friendly Version
Email an Associate