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7/26/22
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A Manhattan Beach-based private investor paid $6.325 mil for a single-tenant net-leased investment occupied by Phenix Salon Suites in Redondo Beach. The 9.5k sf ($666/sf) property is located within King Harbor Plaza, a Smart & Final Extra! and Petco-anchored shopping center with a complementary mix of local and regional tenants.
The Phenix Salon Suites building is situated on a 0.50-acre parcel at 609 N. Pacific Coast Hwy. It is located near the Hermosa Beach Strand, the Redondo Pier, King Harbor Marina and the future Waterfront Redondo development. Pacific Coast Highway runs north and south along the California Pacific coastline and has over 65,000 cars per day passing by the property.
Bill Asher and Jeff Lefko with Hanley Investment Group Real Estate Advisors represented the seller, a private investor based in Los Angeles. The buyer was repped by John Boyle of Midland Business Properties in Santa Monica. The deal closed at 4.3% cap rate.
“We generated multiple competitive offers to help maximize value for the seller and procured an all-cash 1031 exchange buyer who lived in the area,” said Asher. “Buyers were attracted to the rare opportunity to own a coastal single-tenant retail investment with a long-term triple-net lease.”
Phenix Salon Suites is the leading salon rental franchise and has over 300 locations across the U.S. with an additional 100 in planning. Phenix Salon Suites was recently ranked in the top 100 in Entrepreneur magazine’s Franchise 500® list at #75, marking the ninth year in a row that Phenix Salon Suites has made the list.
Redondo Beach is part of the highly desirable South Bay area of Los Angeles with over $177,000 average household income within a one-mile radius of the property. Over 395,000 people are located within a five-mile radius of the King Harbor Plaza shopping center.
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