Faris Lee Arranges $13M LA-Area Starbucks, CVS Sale
- Jun 07, 2017
Faris Lee Investments arranged the sale of two free-standing, single-tenant net-leased retail properties in Paramount, Calif. The $12.5 million sale price represented a cap rate of around 4.7 percent, which is the lowest for two freestanding pads sold in Southern California in 2017, according to the advisory firm. The two buildings in LA County total 15,772 square feet on 1.5 acres and are fully leased to CVS Pharmacy and Starbucks.
Senior Managing Director Nicholas Coo and Director Joseph Chichester represented the seller, a private family office based out of Southern California. RE/MAX Premier Properties worked on behalf of the buyer, a private overseas investor with an office in Arcadia, Calif.
Located at 8819 and 8859 Alondra Blvd. at a highly visible signalized intersection, the two properties were built in 2006 and include a drive-thru and monument signage. CVS occupies 13,972 square feet, while Starbucks totals 1,800 square feet. The assets are surrounded by interstates 105, 605 and 710 and Route 91.
“Both of the properties have just under 10 years on their primary lease term, with limited rental growth until the option periods, however, both tenants are expected to exercise their renewal options as these stores are experiencing strong sales year-over-year,” said Chichester in prepared remarks.
Images courtesy of Faris Lee Investments