June 17, 2020
NKF completed four separate transactions of single-tenant retail properties located throughout Southern California for a total of $31 million. NKF’s Bill Bauman, Kyle Miller, Michael Fogel and Matt Schwartz executed the four transactions.
Bauman says, “Single-tenant retail assets with solid credit, an operating history, favorable lease terms and quality real estate fundamentals remain in high demand, amid volatile capital markets due to the COVID-19 pandemic. We are seeing 1031-exchange investors very active in the market and pleased with the IRS’ decision to provide relief/extensions on 1031 timelines.”
The first property, occupied by CVS, is located at 42150 Jackson St. in Indio (pictured) and sold for $3.9 million in an all-cash transaction at a 5.1% cap rate.
The second property, occupied by McDonalds, is located at 1712 Pacific Coast Highway in Lomita and sold for $2.4 million in an all-cash transaction at a 2.77% cap rate.
The third property, which sold for $9.9 million at a 5.85% cap rate, is located at 14528 Palmdale Rd. in Victorville, and is occupied by Cardenas.
The fourth property, located at 14351 Hindry Ave. in Hawthorne, is occupied by Bed, Bath & Beyond and sold for $14 million.
For comments, questions or concerns, please contact Dennis Kaiser