California + Los Angeles + Net Lease | September 8, 2023

Two-Tenant Retail Pad Trades in Northern LA County

Hanley Investment Group Real Estate Advisors completed the sale of a two-tenant, 6,999-square-foot retail pad building occupied by AutoZone and Precision Eyebrow Threading salon at a Target-anchored shopping center in Lancaster, within northern Los Angeles County. The net-leased investment sold for $2.65 million.

EVPs Kevin Fryman, Bill Asher and Jeff Lefko represented the seller, a private investor based in Laguna Beach. The buyer, a 1031 exchange investor based in the Los Angeles area, was self-representing.

Built in 1987, the property sits on a 0.57-acre parcel at 1242-1248 W. Ave. K. AutoZone occupies 6,710 square feet and Precision Eyebrow Threading salon occupies 289 square feet.

“Prior to formally marketing the property, we advised the seller to execute a new long-term lease extension with AutoZone to enhance the property’s salability,” Fryman said. “It resulted in procuring an all-cash 1031 exchange buyer seeking a stable investment with a long-term historical occupancy and new lease term, that helped maximize value for the seller.”

Connect Orange County will take place Sept. 27, 2023 at VEA | Newport Beach Marriott in Newport Beach, concurrently with Connect Healthcare Real Estate on Sept. 27 and 28. Click here to register for Connect Orange County, and here to register for Connect Healthcare Real Estate.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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