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6/23/22
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A 5.6k sf, single-tenant, retail medical/recreational dispensary net leased to Sweet Flower in Los Angeles traded hands in a $6 mil transaction ($1,071/sf). The deal came in at an 8.2% cap rate.
The retail building is located at 614 Mateo St, in the heart of Los Angeles’ Art District. The building, 100% leased to Sweet Flower, features a bow truss roof, two roll up doors, 40 feet of frontage on Mateo St, and high-end luxury finishes.
With a Walk Score of 77, the building is in an extremely dense, infill location with strong demographics. Residents can walk to galleries, restaurants, entertainment, and retail shops. The property also has excellent proximity to the Metro’s Gold Line Regional Connector Station and Union Station.
Rosaleen O'Sullivan with NAI Capital Commercial’s Investment Services Group represented both buyer, Sweet Buds LLC, and seller, Moved 1031 LLC, in the transaction. The new owner plans to hold this asset as a long-term investment.
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