CBRE announced the sale of two retail properties in Hesperia, CA to a 1031-exchange investor for a total of $5.3 million.
Alex Kozakov and Patrick Wade of CBRE represented the seller, Rich Development Enterprises, LLC, a private, San Pedro-based family development company. The buyer, a private 1031- exchange investor from Los Angeles, was represented by Gateway Business Properties.
Located at 13360 Main Street, the first property, leased by Aldi Grocery Store, is 19,142 square feet and sold for approximately $2.9 million. Aldi, a leading global discount supermarket, recently signed a 20-year lease at the location.
The second 10,000-square foot property, located at 13354 Escondido Avenue, is leased by Dollar Tree and sold for $2.4 million. The company recently signed a 10-year lease term. Other retailers in the center include T-Mobile and Wendy’s.
“We were pleased to procure multiple offers,” said Wade. “This new, ground-up retail center sits in a strong freeway location within a high-traffic area and is surrounded by other anchor tenants, such as Wal-Mart. The center boasts a synergistic tenant mix that is attractive to investors today.”
The outlook for the Greater Los Angeles retail market remains steady over the next 12 months, according to CBRE’s latest quarterly report. Momentum gained over the last few years is likely to level out. Vacancy levels are projected to move up slightly throughout 2018, while rental rate growth is also expected to increase gradually over the next four quarters.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2017 revenue). The company has more than 80,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
