September 23, 2021 9:00 AM
Newmark Knight Frank (“Newmark”) announces that it has completed the sale of three high-profile, single-tenant retail properties in Greater Los Angeles, California totaling over $100 million.
Newmark Vice Chairman Bill Bauman, Executive Managing Director Kyle Miller and Associate Director Matt Schwartz represented the seller in the each transaction.
The largest transaction was a 111,624-square-foot Home Depot, which sold for $61.8 million. The property is located at 5040 San Fernando Road, situated at the Northeast corner of Colorado Boulevard and W. San Fernando Road in Glendale, California. The property includes a 94,530-square-foot Home Depot building in addition to outdoor garden sales area totaling 17,094 square feet. The 7.86-acre parcel has primary frontage on W. San Fernando Road. Bauman, Miller and Schwartz represented the seller, Decron Properties in the transaction. The buyer, Charing Cross Partners, is a private Los Angeles-based real estate partnership.
“We were pleased to represent Decron Properties in the sale of this single tenant Home Depot in a dense, affluent and high barriers to entry Los Angeles submarket”, said Bauman. “In addition to the appeal of the existing asset and cash flow, the property’s favorable zoning offers the buyer significant intrinsic real estate value facilitating future redevelopment for multifamily or alternative uses.”
Additionally, Bauman, Miller and Schwartz arranged the sale of a 29,456-square-foot, single-tenant Amazon Fresh facility located at 6855 La Cienega Boulevard in Los Angeles, California. The asset sold for $35 million. The Newmark team represented the seller, Red Mountain Retail Group in the sale. The buyer was a private family office, represented by Kevin Held at Cushman and Wakefield.
The third transaction was the sale of a 4,000-square-foot, single-tenant Chick-Fil-A located at 6801 La Cienega Boulevard in Los Angeles, California. The property traded for $13.7 million, the highest priced Chick-Fil-A ever sold. The Newmark team represented the seller, Red Mountain Retail Group, to the buyer, a private Orange County-based investor.
“We were thrilled to work with Red Mountain Retail Group in the disposition of these two assets,” said Miller. “Amazon Fresh and Chick-Fil-A are both distinguished, high-profile brands that generated significant investor interest in these properties.”
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Our comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, growing startups to leading companies. In 2020, Newmark generated revenues in excess of $1.9 billion. Newmark, together with London-based partner Knight Frank and independently owned licensees, operates globally from approximately 490 offices with 19,300 professionals. To learn more, visit nmrk.com or follow @newmark.
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