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| Kyle Gulock |
LOS ANGELES, CA, June 9,
2016 – Charles Dunn Company, one of the largest full-service regional real
estate firms in the western United States, has completed the $2,975,000 sale of
a 3,139 square-foot, single-tenant, NNN-leased property occupied by Wendy’s in Canoga Park, Calif.
Kyle Gulock and Jason Cope of Charles Dunn Company represented the buyer, a
private investor from Orange County.
The seller, a private investor from Los
Angeles, was represented by Sands Investment Group. The transaction closed at a
capitalization rate of 5.87 percent and sold for $948 per square foot.
“We represented the buyer
on the ‘down leg’ sale of a net leased investment property earlier this year
and this acquisition satisfied its 1031 exchange,” said Kyle Gulock.
“The
purchase of the Wendy’s occupied asset provided our client with a stable
investment, that offered greater cash flow, and a longer lease term in place.
The buyer plans to hold this property long term.”
Built in 2001, the
property is located at 8232 De Soto near the major cross street of Roscoe Blvd.
The property sits on an infill Los Angeles location with ideal demographics for
a fast food restaurant.
For a complete copy of the company’s news release,
please contact:
Darcie Giacchetto
949.278.6224
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