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9/08/22
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SBH Real Estate Group, led by Eric Silverman, recently sold three SoCal retail sites in separate deals totaling roughly $15 mil. The properties are in Covina and Gardena.
In Covina, SBH sold a 22k sf site located at 1477 N. Azusa Ave, at the southwest corner of Azusa and Arrow Hwy, for $4.6 mil. Pollo Campero recently signed a 15-year ground lease for the property. The tenant is currently wrapping up construction and is expected to open for business in September 2022.
The buyer, HB Property Management Inc, was represented by Moon Lim of JLL. SBH was repped by Matt Schwartz of Newmark.
SBH sold two assets in Gardena. In one of the deals, Masuda Investments LLC paid $6.9 mil for a 3k sf corporate 7-Eleven with gas on a 30k sf site located at 3121 Marine Ave.
7-Eleven signed a 15-year ground lease for the site and opened the new store in early 2022. The lease includes 10% rent bumps every five years and does not allow for early termination.
Jeremy McChesney of Hanley Investment represented Eric Silverman. Trevor Morse and Chris Kostanecki of CPPRE repped the buyer in the deal.
In the other Gardena transaction, SBH collected $3.5 mil for a 22k sf site at 15015 Crenshaw Blvd in Gardena. The tenant, Super Star Car Wash, recently signed a 25-year ground lease and opened for business in the first half of 2022 after investing over $3 mil in improvements.
Frank Choi of Win Realty & Properties Inc represented the buyer, KOAM Property Investment Inc. Jeremy McChesney of Hanley Investment repped Eric Silverman in the transaction.
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