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3/03/20
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A 9.6k sf office building in the city of San Fernando was acquired for $4.35 mil ($453/sf) by a private investor involved in a 1031 exchange. The property is located at 456 San Fernando Mission Rd, east of I-5 and north of the 118 Fwy.
The building is fully leased by two tenants. One is the U.S. Social Security Administration, which has 10 years remaining on its lease with an option to continue. The other tenant is National Health Insurance Center, a brokerage representing the Covered California health insurance program.
The acquisition concluded a successful 1031 exchange for the buyer, Stephen Kern, who previously sold a 6.2k sf auto repair center near LAX. Kern was able to go from a low income-producing property with small, localized automotive tenants to an asset with a significantly stronger tenant base.
The seller of the San Fernando property was RTSP Properties LLC, which recently spent $1 mil to upgrade the property. They were repped by Kyle Barratt of CBRE. The deal closed at a cap rate of 6.2%.
Ash Joshi with Capital Realty Solutions represented Kern in both of these exchange transactions. Joshi has represented Kern in other transactions for almost 20 years.
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