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6/28/18
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A 27.1k sf, single-tenant flex property in Cerritos was acquired by a 1031 exchange investor in a recent $6.15 mil ($227/sf) transaction. The property, situated on two acres at 12851 166th St, east of I-605 between I-5 and the 91 Fwy, is within a master-planned business park that was built in 1978.
The office/warehouse property is 100% leased by PBF Energy (NYSE: PBF) who has occupied the building for 18 years. Based in Parsippany, NJ, PBF owns and maintains the oil pipeline from Bakersfield to the Exxon Torrance refinery.
Mitch Stokes of Madison Partners represented the buyer, 5270 Sunset Blvd LLC. The seller was repped by Fred B Cordova and Jake Sachse of Kennedy Wilson. The deal transacted in under 40 days with bank financing involved, and came in at a cap rate of 5.5%.
According to Stokes, the buyer was seeking a solid, single-tenant absolute net-leased property with minimal landlord involvement. This deal provides the buyer with a stable and seasoned credit tenant in an excellent Los Angeles County submarket.
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