Marcus & Millichap arranged the sale of a 34,478-square-foot Gelson’s Market in Laguna Beach, CA. The $19.7 million sales price equates to $571-per-square-foot and involved a private Beverly Hills-based investor and a Dallas-based institutional seller.
The transaction generated a record cap rate, not unexpected for a trophy real estate asset backed by a true, triple-net lease.
The property is located at the intersection of PCH and Wesley Dr., near several area attractions, local and national retailers, as well as directly across the street from Montage Laguna, a luxury five-star hotel and spa.
Marcus & Millichap’s Lior Regenstreif and Glen Kunofsky handled the transaction on behalf of both parties.
Kunofsky says, “The Gelson’s Market in Laguna Beach is a prime example of an asset that was acquired by a seller who originally invested based on strong real estate fundamentals that was backed by an extremely secure lease.”
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.