 |
| JPMorgan Chase Bank building 1727 Artesia Boulevard, Manhattan Beach, CA |
 |
| Chris Tramontano |
MANHATTAN BEACH, CA -- Faris Lee Investments, the nation’s
largest retail-specialized investment advisory firm, has completed the $6.25
million sale of a highly sought-after single-tenant ground lease in Manhattan
Beach, Calif.
The free-standing, 5,782-square-foot property, located at 1727
Artesia Blvd, is occupied by JPMorgan Chase Bank in a long-term 15-year NNN
lease.
Faris Lee Investments marketed the property on behalf of the
seller, Sackley Family Trust, a local South Bay developer and investor, who
built the property in 2007. CBRE represented the buyer, a private family trust
in a 1031 exchange.
The all-cash transaction closed at full asking price and was
the lowest cap rate on record for a Southern California JP Morgan Chase Bank
per CoStar records.
“Our team strategically leveraged the strength of a Fortune
500 tenant and “main and main” location in a high-profile, dense coastal
community to effectively position this asset to achieve our asking price. We
were able to entertain multiple offers garnering an all-cash offer to close the
deal,” said Chris Tramontano, managing director, who led the sale along
with Mike Ward of Faris Lee Investments.
 |
| Mike Ward |
“It’s an irreplaceable retail trophy property making it a
rare and lucrative investment opportunity.”
To that end, Tramontano added that the property received in excess of 15
offers.
The property is ideally positioned at the signalized hard
corner intersection of Artesia Blvd. and S. Aviation Blvd which features an
astounding 76,500 vehicles per day at the intersection.
Average annual
household income within the city of Manhattan Beach is nearly $200,000 with
more than 214,000 permanent residents and 87,000 daytime employees within a
3-mile radius of the property.
“We are seeing a strong shift by the high net worth investor
in moving from multifamily to retail assets as part of a long-term wealth
diversification strategy.
In this case, the buyer was selling a multifamily
asset to buy into a very strong, high-profile retail asset,” said Rick
Chichester, president and CEO, Faris Lee Investments.
For a complete copy of the company’s news release, please
contact:
Darcie Giacchetto
Spaulding Thompson & Associates
949.278.6224
No comments:
Post a Comment