LOS ANGELES, CA, Aug. 22, 2012 – Charles Dunn Company, one of the largest full-service regional real estate firms in the western United States, has completed the $1,627,500 sale of a two-building retail property located at 6350-6380 N. Long Beach Blvd. in Long Beach, Calif.
The property totals 5,678 square feet and is fully occupied by two tenants which include Golden Burger, that has been at the property since 1968, and London Liquor, that has been at the property since 1972.
Ramin Gheitanchi of Charles Dunn Company represented the buyer, a private investor from Los Angeles. The seller, a private investor from Los Angeles, was represented by Kevin Fryman of Hanley Investment Group. The property sold at a cap rate of 8.4 percent.
This transaction was the 1031 exchange upleg property for the buyer as Gheitanchi sold their Westwood apartment building earlier in the year.
“The buyer was attracted to the high cap rate as well as the stability of the tenants who have been there for decades,” said Gheitanchi. “The property is triple-net leased, translating into virtually no management responsibilities for the property whereas their apartment building required consistent management.”
Contact:
Darcie Giacchetto
D.G. Communications, Inc.
949.278.6224
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