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2/09/17
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A Los Angeles-based, 1031 exchange private investor paid $3.28 mil for a 3.6k sf, single-tenant triple-net leased property occupied by U.S. Bank in Hesperia. The property sold at a cap rate of 4.8 percent and $911 per square foot, the lowest cap rate and highest price per square foot ever for a bank-occupied single-tenant property within the Inland Empire’s High Desert region.
Built in 2007 and situated on .69 acres, the property is located at 14075 Main Street. It is an outparcel to the area’s dominant retail shopping center, The Shops at Topaz, that is anchored by 99 Cents Only.
Nicholas Coo and Joseph Chichester with Faris Lee Investments represented the seller, Los Angeles-based Hesperia-Main Street LLC. This sale finishes an assignment, which began three years ago in advising the seller to maximize the development’s exit value by breaking-up the property, which is comprised of three separate parcels.
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