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3/17/15
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A Beverly Hills-based private investor recently purchased a 23k sf, single-tenant NNN-leased retail building in Buena Park for $6.5 mil ($283/sf). The off-market transaction closed escrow in less than 24 hours.
The property, located at 7101 W. Lincoln Ave, just east of Knott Ave, is occupied by Hand-to-Hand Thrift Store. The building, which was built in 1961 and renovated in 2015, is located on 0.71 acres.
Hanley Investment Group Executive Vice President Eric Wohl represented the buyer. Carlos Lopez, a senior vice president at Hanley Investment Group, repped the seller, an entity of Red Mountain Group, out of Santa Ana. The team was able to execute a purchase agreement, negotiate a seller carry of $1.7 mil, complete the necessary due diligence, sign and notarize closing paperwork, and close escrow, all in less than 24 hours.
Discussing the deal, Lopez noted, "The buyer liked the advantages of this prime central Orange County location and the property's long- term triple-net lease with increases. The strong tenant financials with a high-net worth personal guaranty were also important to the buyer."
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