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September 20, 2019
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SOUTHERN CALIFORNIA NEWS
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Multi-Tenant Retail Building in Huntington Beach Goes for Near $500/sf

7/19/19

An 8.6k sf, multi-tenant retail building shadow-anchored by Sprouts Farmers Market in Huntington Beach sold for $4.1 mil, or $477/sf. The deal came in at a cap rate of 4.94%.

Located at 6946-6968 Warner Ave, at the signalized intersection of Warner and Goldenwest St, the property is 100%-occupied by four triple-net-lease tenants: Trading Post Fan Company, Advanced Dental Huntington Beach, Surf City Nails and Alternative Mind Concepts. Constructed in 1973, the building is situated on 0.75-acre parcel and has excellent access and visibility including a large pylon sign and six points of ingress/egress.

Eric Wohl with Hanley Investment Group Real Estate Advisors represented the seller, a private investor from Newport Beach. The buyer, a private investor from San Diego, was repped by Randy Rivera of Capital Real Estate Ventures, also based in San Diego.

“An irreplaceable coastal location combined with significantly below market rents made this a very unique offering rarely available on the market,” said Wohl. “The property is located less than three miles from the Pacific Ocean and I-405 freeway and features below-market rents, ease of management with favorable triple-net leases and strong rental increases. The property also benefits from a population count of 188,000 people with average household incomes exceeding $116,000 within three miles of the property and more than 57,000 cars per day at the signalized intersection of Warner Avenue and Goldenwest Street.”

Wohl also added that all four corners of the signalized intersection feature shopping centers. Tenants include: Home Depot, Stater Bros., Ross Dress for Less, CVS/pharmacy, Big Lots!, O’Reilly Auto Parts, AutoZone, El Pollo Loco, Pizza Hut, U.S. Bank, Bank of the West, Friar Tux, 7-Eleven, Carl’s Jr., Cold Stone Creamery, Boston Market, Juice it Up!, Subway and more.





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