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California  + Retail  | 

Hanley, Voit Collaborate on Record Retail Sale

Orange County-based The Beacon Group, Inc., sold a single-tenant net-leased coastal property in Redondo Beach, CA, occupied by Petco, to an undisclosed private Los Angeles company for $7.6-million. The sale represents a cap rate of 4.5%, a record low for a single-tenant Petco in LA County.

Built in 1981, the 17,160-square-foot building sits on a 1.07-acre parcel at 537 N. Pacific Coast Highway in King Harbor Plaza, and is shadow anchored by Smart & Final. Petco has occupied the building for 22 years, and recently signed a 10-year lease extension.

Hanley Investment Group Real Estate Advisors’ Ed Hanley and Bill Asher, along with Voit Real Estate Services’ Joe Miller, handled the 1031 exchange transaction.

Asher says investors’ “flight to security for stabilized single-tenant net-lease properties in major metro markets” is resulting in “high demand” and “record pricing.”

For comments, questions or concerns, please contact Dennis Kaiser

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About Dennis Kaiser

Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services. In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company. In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix. Dennis’s agency background included firms such as Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.

  • ◦Sale/Acquisition
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