LOS ANGELES, CA, July 16, 2012 –Charles DeSantis (top right photo) of the Charles Dunn Company, one of the largest full-service regional real estate firms in the Western United States, has completed the record-breaking sale of a 5,000 square foot single-tenant leased investment occupied by Chase Bank for $7.51 million. The property is located at 11975 Santa Monica Blvd. in West Los Angeles. The price per square foot of the building was $1,500, which sets a record as the highest price per square foot ever paid for a bank occupied single tenant retail property in the Los Angeles/West Los Angeles region according to CoStar records.
DeSantis, senior managing director with Charles Dunn Company, represented the sellers, HJRJ LLC, et al from Los Angeles.
The buyer was Golden Matrix LLC from Los Angeles. The property sold at a cap rate of 4.8 percent on existing income, 5.37 percent based on income commencing in December 2012 for five years.
According to DeSantis, the sale was completed in just three weeks.
Charles DeSantis can be reached at (310) 996-2232.
Contact:
Darcie Giacchetto
D.G. Communications, Inc.
949.278.6224
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