Newmark Grubb Knight Frank (NGKF) has completed the $2.9 million sale of a 6.000-square-foot, two-tenant, NNN-leased retail property in Lake Forest, CA.
David L. Kluver, managing director with NGKF represented the buyer, Amkly Enterprises LLC. The seller was Salok CA, LLC.
Built in 2002, the property is situated on .69 acres and is located at 29100 Portola Parkway. The property is fully occupied by two tenants: Clineva Urgent Care and Patchs Coffee. It is well-located at a signalized intersection of Portola Parkway and Saddleback Parkway and is adjacent to the 241 tollway. Nearby retailers include Walmart, Target, T.J. Maxx, Starbucks and many others.
“Small retail properties that are fully leased and well-located in Orange County like this one are challenging to acquire as they are highly sought after by investors seeking a passive investment with good cash flow. The buyer plans to hold this asset for the long-term and will enjoy scheduled rent increases as well as appreciation of the property over the coming years.”
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF’s 12,800 professionals operate from more than 370 offices in established and emerging property markets on six continents.
With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. NGKF’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit http://www.bgcpartners.com/.