Tuesday, February 25, 2014

Charles Dunn Company Completes $4.39 Million Sale of Retail Property Occupied by Bank of the West in Huntington Beach, CA

  
Bank of the West, 6881 Warner Avenue, Huntington Beach, CA

  
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.”

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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