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| FedEx Office, Print and Ship Center, Los Angeles, CA |
IRVINE, CA– Faris Lee Investments, the nation’s largest
retail-specialized investment advisory firm, has completed the $5.35 million
sale of a free-standing, 5,600-square-foot retail building fully occupied by FedEx
Office Print and Ship Center.
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| Jeff Conover |
The well-maintained property is located on the “Sunset
Strip” in the West Hollywood area of Los Angeles at 7630 Sunset Blvd.
Jeff
Conover, senior managing director, with Faris Lee Investments represented
the seller in the transaction, Los Angeles-based Shio, LLC. The buyer who was
in a 1031 Exchange, was Los Angeles-based Romano Trust, and was represented by Vadim
Baum of Keller Williams. The property closed at a 6.86 percent cap rate.
Built
in 1988, the property includes 31 on-site parking stalls. FedEx has been at the
location since 1994 and has an absolute, NNN lease structure, meaning the
company covers all property maintenance costs.
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| Vadim Baum |
“FedEx has two years remaining on its lease term, however, we positioned
the strength of the tenant as well as the location and potential future
redevelopment to prospective buyers,” said Conover. “We garnered a total of ten
strong offers and sold the asset at a high cost per square foot of $995.”
Based
on its zoning, the asset has future redevelopment opportunity to include retail
and two additional levels of residential units.
The property is located at the signalized intersection of Sunset
Blvd. and N. Stanley Ave. and benefits from the population of more than
269,000 consumers within a three-mile radius, more than 168,000 daytime
employee with three miles, and approximately 43,000 vehicles per day that drive
by the building.
For a complete copy of the company’s news release, please
contact:
Darcie Giacchetto,
949.278.6224
Spaulding Thompson & Associates
For Faris Lee Investments
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