LOS ANGELES, CA– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of two net-leased assets in Southern California: a 25,998-square foot former Ralphs and a 52,340-square foot Albertsons (top left photo). The properties are located in Lomita, Calif., and Downey, Calif., respectively. The former Ralph’s sold for $5.1 million, which represents $196 per square foot and the Albertson’s traded for $1,275,000 or $24 per square foot.
“Our strategic, multifaceted national marketing campaign targeted developers, retailers, brokers and investors and produced multiple offers for the former Ralphs,” says Kozakov. “We sourced an all-cash buyer, closed in 30 days with a 21-day due diligence period and delivered the store vacant.”
“The Albertsons sale involved a complex leasehold interest component and a challenging CMBS loan assumption process,” adds Kozakov.
The former Ralphs supermarket is located at the signalized intersection of Western Avenue and Lomita Boulevard at 24911 Western Ave. in Lomita. A grocery store has occupied the site since 1958. The Ralphs lease expired earlier this month without options to renew. The property is in good overall condition with ample parking in front and multiple ingress and egress points.
The Albertsons grocery store is located at 7676 Firestone Blvd. in Downey. The property has almost 20 years remaining in its initial term lease with five five-year options to renew. There are 10 percent rental increases for Albertsons every five years during the initial term and options periods. The lease is absolute triple net.
Contact: Stacey Corso, Public Relations Manager, (925) 953-1716
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