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July 16, 2019
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LOS ANGELES COUNTY NEWS
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Cerritos Bank-Occupied Building Trades for $1,250/sf

5/17/19

A 5.2k sf, absolute, NNN-leased single-tenant retail property in Cerritos sold for $6.5 mil, or $1,250/sf. The property, located at 11355 South St, is fully occupied by Comerica Bank.

Built in 1974, the property includes 1.2k sf of mezzanine space. It is located at a signalized corner and is an outparcel to Los Cerritos Center, a regional mall totaling more than 1.3 msf with such tenants as Nordstrom, Macy’s, Dick’s Sporting Goods and Harkins Theaters, among others. Additionally, the asset is just a half-mile from the iconic Cerritos Auto Square and is just off the South Street exit of the 605 Fwy, which accommodates more than 237,000 vehicles per day.

Brian Hennessey and Armand Aghadjanians with Avison Young represented the seller, a private investor from Southern California. The buyer, also a SoCal private investor, was repped by Brian C. Russell of Kinnery’s Brokerage and The Primemark Group.

“This single-tenant property offered the buyer a passive income stream with minimal landlord responsibilities, strong tenancy and a prime location in a densely populated area that is in the center of a thriving retail hub,” noted Hennessey.







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