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July 21, 2019
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Newly Built San Pedro Del Taco Sells for Almost $2,300/sf


A newly developed, 2.4k sf single-tenant property occupied by Del Taco in San Pedro sold for $5.5 mil ($2,291/sf). Del Taco recently opened its doors at this location and signed a 20-year corporate guaranteed NNN 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, a private Los Angeles-based investor who was in a 1031 exchange. 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 percent 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 buyer had sold a single-tenant Bank of America-occupied property with a four-year lease term in place and exchanged the proceeds into this new construction Del Taco property with a 20-year lease term in place.

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