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7/31/23
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A 3.7k sf, single-tenant retail property occupied by Vans in the historic Belmont Shore neighborhood of Long Beach sold for $4.325 mil ($1,153/sf). Built in 1926, the property is located at 5232 2nd St.
The asset is triple net leased by VF Outdoor LLC, the wholly owned Vans subsidiary of VF corporation. Vans has been open at this location since 2009. 2nd Street in Long Beach is a major coastal thoroughfare home to Belmont Shore Shopping District with a wide array of popular and notable retailers, bars, and restaurants.
Chris Tramontano and John Redfield with SRS Real Estate Partners’ National Net Lease Group represented the seller, a private family office based in Dana Point. The buyer, a private family office, was repped by Nathan Holthouser of Coastal Commercial Inc. The closing cap rate was 4.6%.
“This was a 1031 exchange buyer who paid all cash for this highly coveted and irreplaceable Belmont Shore property,” said Tramontano. “At a price per square foot of $1,153, this transaction is a testimony that investors are seeking a flight to quality in their retail asset portfolios. They are willing to pay a premium for urban and coastal “pride of ownership” opportunities with a strong brand tenant.”
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