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 at 1242–1248 W Ave K., AutoZone occupies 6,710 square feet with Precision Eyebrow Threading salon occupying 289 square feet of space respectively.
Fryman noted that prior to formally marketing the property they advised their client to execute a new long term lease extension with AutoZone which resulted in procuring an all cash 1031 exchange buyer seeking stability through occupancy and new lease terms helping maximize value for their client’s asset sale .
