December 1, 2016
Marcus & Millichap arranged the sale of a 34,478-square-foot Gelson’s Market in Laguna Beach, CA. The $19.7 million sales price equates to $571-per-square-foot and involved a private Beverly Hills-based investor and a Dallas-based institutional seller.
The transaction generated a record cap rate, not unexpected for a trophy real estate asset backed by a true, triple-net lease.
The property is located at the intersection of PCH and Wesley Dr., near several area attractions, local and national retailers, as well as directly across the street from Montage Laguna, a luxury five-star hotel and spa.
Marcus & Millichap’s Lior Regenstreif and Glen Kunofsky handled the transaction on behalf of both parties.
Kunofsky says, “The Gelson’s Market in Laguna Beach is a prime example of an asset that was acquired by a seller who originally invested based on strong real estate fundamentals that was backed by an extremely secure lease.”
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