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3/17/21
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A private investor paid $4.25 mil for a newly constructed, 1.8k sf ($2,361/sf) retail building NNN-leased to The Coffee Bean & Tea Leaf in Long Beach. The property, located at 5865 E. Spring St, Pacific West Property Group Inc, a SoCal-based merchant developer specializing in value-add and ground-up retail developments in Southern California.
Constructed in 2020, the retail building features a drive-thru, which is part of the tenant’s expansion strategy, along with a large outdoor patio that can accommodate up to 90 customers. Additionally, the property includes four parking stalls leased by EVgo, the largest public fast charging operator for electric vehicles in the nation.
Situated on 0.5 acres just 20 miles south of downtown Los Angeles, the property is at the high-traffic, signalized intersection of Spring St and Los Coyotes Diagonal, which has combined traffic counts of 44,000 vehicles per day. The building is also along a major retail corridor and within a densely populated and affluent Long Beach location that includes more than 171,000 residents with in a three-mile radius earning an average annual household income of more than $122,000.
Adam Friedlander with JLL Capital Markets represented the seller. Alan Wong of DAAG Developments acted as the buyer’s consultant. The property was purchased in an all-cash transaction with a 20-day escrow as part of a 1031 exchange.
“1031 exchange buyers remain as one of the most active capital sources in the marketplace,” Friedlander said. “Private capital is willing to pay aggressive cap rates for long-term corporate leases, especially for quick service restaurants with a drive-thru.
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