CBRE has successfully facilitated the sales of two single-tenant retail properties located in Manhattan Beach and Oxnard. The properties, which are leased to El Pollo Loco and McDonald’s respectively, were sold for a combined total of almost $10 million in two separate transactions. The sellers were represented by CBRE’s team consisting of Alex Kozakov, Patrick Wade, Matthew Greenberg, Jack Webber and Bo Henderson. In addition to representing the sellers in both transactions, the team also acted on behalf of the buyer for the Manhattan Beach property. These deals closed at cap rates of 3.59% and 3.51%.
The first property is situated at 800 N.Sepulveda Blvd., where El Pollo Loco has been operating for over four decades.The property was sold by local private investors to 800 Manhattan LLC for $5.l million.
The second transaction involved a one-acre lot located at l10 Riverpark Blvd.in Oxnard that is currently leased to McDonald’s.This prime location includes a double drive-thru as well as ample parking space.It was purchased by a private family trust from another private family trust for $4 .65 million.
Despite challenges posed by macroeconomic factors,CBRE continues to witness strong demandfor high-quality single-tenant net lease locations.Henderson commented,”Both sales were conducted entirely through cash payments,and demonstrate how top-notch assets can boost net income while providing protection against inflation.”
