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| Bank of the West, 6881 Warner Avenue, Huntington Beach, CA |
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| Charles DeSantis |
LOS ANGELES, CA, Feb. 25, 2014 – Charles Dunn Company, one of
the largest full-service regional real estate firms in the western United
States, has completed the $4.39 million sale of a 4,800-square-foot,
single-tenant, NNN-leased property fully occupied by Bank of the West.
The property is situated on
.53 acres and is located at 6881 Warner Avenue near Goldenwest Street in Huntington Beach, Calif.
Charles DeSantis and Kyle
Gulock of Charles Dunn Company represented the
seller, New York-based Big Four, LLC. The transaction closed at a
capitalization rate of 4.9 percent or $915 on a per- square-foot basis.
“This single-tenant
property offered the buyer the opportunity to satisfy their 1031 exchange
requirement and own a retail asset with no management responsibilities,” said
DeSantis. “The Huntington Beach market provides a dense population base in a
coastal city which is highly sought after by investors.”
Gulock added: “Our team
specializes in representing property owners who have financial institutions as
tenants. We leveraged our relationships and experience within this sector to
complete a successful transaction for our client. Ultimately, Big Four was
pleased with the strong sale price achieved, despite a short amount of time
remaining on the lease.”
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| Kyle Gulock |
In the third quarter of
2012, DeSantis and Gulock completed the record-breaking sale of a
5,000-square-foot single-tenant leased investment occupied by Chase Bank for
$7.51 million in West Los Angeles.
The price per square foot of the building
was $1,500.00, which set 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.
For a complete copy of the company’s news release, please
contact:
Darcie Giacchetto
D.G. Communications, Inc.
949.278.6224
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