Marcus & Millichap Brokers Largest Net Lease Retail Sale of 2022
The Mansour Group of Marcus & Millichap has arranged the $50 million sale of a Target store in the Huntington Park neighborhood of Los Angeles, from a private company to a New York investor utilizing a 1031 exchange. At 56,000 square feet, the transaction traded for nearly $900 per square foot, making it the largest single tenant net lease retail sale on the West Coast this year.
“This transaction represents a generational opportunity to acquire a best-in-class retail asset with a long-term triple-net lease in a trophy, infill location within Los Angeles,” said The Mansour Group’s Alvin Mansour. “Being the new presence in a world-class trade market is a win-win for Target and the buyer.”
The Target store has over 3.6 million people within a 10-mile radius. “The opportunity to transact in one of the densest submarkets in the country helped generate a highly competitive sales process,” added Mansour.
Mark comes to ConnectCRE with an extensive background as a business and news reporter in San Francisco radio, as well as 35 years as a traffic reporter on several stations including KGO, KNBR, KCBS and KFRC. As a business reporter, Mark covered the tech world in Silicon Valley where he became familiar with real estate transactions in the hot Bay Area marketplace. He attended San Jose State University with a BA in Radio and TV Broadcasting and currently resides in the Lake Tahoe area where he gets to frequently enjoy all of his favorite activities: Golfing, Fishing, Hiking and Skiing.
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