Hanley Investment Group Real Estate Advisors recently completed the sale of a two-tenant, 6,999-square-foot retail pad building occupied by AutoZone and Precision Eyebrow Threading salon at a Target-anchored shopping center in Lancaster, within northern Los Angeles County. The net leased investment sold for $2.65 million.
EVPs Kevin Fryman, Bill Asher and Jeff Lefko represented the seller – a private investor based in Laguna Beach – while the buyer was self representing as an exchange investor from Los Angeles area.
Built in 1987 on 0.57 acres parcel at 1242 to 1248 W Ave K., AutoZone occupies 6,710 square feet while Precision Eyebrow Threading Salon occupies 289 square feet of space respectively .
Fryman said: “We advised the seller to execute a new long term lease extension with AutoZone prior to formally marketing this property which helped us procure an all cash 1031 exchange buyer seeking stable investments with long term historical occupancy and new lease terms that maximized value for our client” .
