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9/06/23
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A two-tenant, 7k sf retail pad building occupied by AutoZone and Precision Eyebrow Threading salon in northern Los Angeles County traded for $2.65 mil ($379/sf). The net-leased investment is part of a Target-anchored shopping center.
The property, built in 1987, sits on a 0.57-acre parcel at 1242-1248 West Avenue K, at the on/off ramp to the 14 Fwy. AutoZone occupies 6.7k sf and Precision Eyebrow Threading salon occupies 289 sf.
AutoZone has been a tenant at the Target-anchored shopping center since 2012 and, in 2022, extended its lease with increases every five years. Precision Eyebrow Threading salon, specializing in eyebrow threading, tinting and waxing, has been a tenant since 2016 and extended its lease last year.
Kevin Fryman, Bill Asher and Jeff Lefko with Hanley Investment Group Real Estate Advisors represented the seller, a private investor based in Laguna Beach. The buyer, a 1031 exchange investor based in the Los Angeles area, represented themselves.
“Prior to formally marketing the property, we advised the seller to execute a new long-term lease extension with AutoZone to enhance the property’s salability,” Fryman said. “It resulted in procuring an all-cash 1031 exchange buyer seeking a stable investment with a long-term historical occupancy and new lease term, which helped maximize value for the seller.”
The Hanley team executed a break-up sale strategy for part of the Target center that targeted two different buyer pools: value-add investors for two shop buildings adjacent to Target and stabilized buyers for the AutoZone building. According to Fryman, the separate sales helped achieve maximum value for each, compared to selling them together.
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