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6/03/21
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A 33k sf, dual-tenant retail property in Whittier traded for $11.95 mil, which works out to $361 per square foot and a cap rate of 5.42%. Located across from an Amazon Fresh grocery store and surrounded by retailers such as Target, Trader Joe’s, Ralph’s, BevMo, Joann Fabrics and Office Depot, the property is occupied by Harbor Freight Tools and Goodwill Industries of Southern California.
The property is within the new Whittier Boulevard Specific Plan’s Shopping Cluster District, which allows for mixed-use development. We’re told that the zoning allows for up to 130 residential units to be built over ground floor retail.
Ara H. Rostamian, Orbell Ovaness, and Jason Anguiano with Marcus & Millichap represented the seller, a private investor based in Southern California. The property was purchased by a 1031 exchange buyer.
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