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2/02/21
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A 15.3k sf retail building formerly leased to CVS Pharmacy in La Mirada was purchased by a private Asian investor for $5.9 mil ($385/sf). The property sits adjacent to Hillsborough subdivision and has nearby access to the I-5 Fwy within La Mirada, a densely populated city on the border of Los Angeles and Orange Counties.
The property sits on 1.45 acres at 13525 South Beach Blvd, within a community center anchored by 24 Hour Fitness. The free-standing building is a traditional drug store building with a double drive thru.
Alan Krueger, Jamie Brooks, Vanessa Haddad and Roy Gaut with CBRE represented the seller, a Los Angeles-based private investor. The buyer was repped by an outside firm.
“This is a record-breaking sale on a price per square foot basis for vacant retail buildings sold within the past two years,” said Haddad. “We have seen strong investor demand for properties with drive-thrus. Generally speaking, these types of assets have been able to continue to perform well during the pandemic.”
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