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4/21/16
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A 3.5k sf, multi-tenant, NNN-leased property in Atascadero, CA sold for $2.12 mil ($606/sf). Tenants include Chase Bank and Verizon Wireless (franchisee).
Developed in 2004 with additional improvements in 2007, the property is located on .31 acres at 8025 and 8055 El Camino Real, within the County of San Luis Obispo. It is at the intersection of Curbaril Ave and El Camino Real, within a shopping center anchored by Walgreens.
Kyle Gulock and Jason Cope of Charles Dunn Company represented the seller, EHA Atascadero LLC, an entity of an Atascadero-based development firm which has projects throughout California. The buyer was a Santa Monica-based private trust that was in a 1031 exchange. The transaction closed at a capitalization rate of 4.8 percent.
“Chase Bank recently signed a 10-year lease,” said Gulock. “The buyer is planning on holding this asset long term as it offered a stable, passive investment.”
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