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Kyle Gorman & Brandon Lehman Acquire Retail Property In Rancho Palos Verdes For $8,400,000

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SOLD
$8,400,000

California

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Retail
Sold 03/13/2024
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Property Image
SOLD

Kyle Gorman & Brandon Lehman Acquire Retail Property In Rancho Palos Verdes For $8,400,000

29105 South Western Avenue & 29227 South Western Avenue

See Similar Deals
Retail
Sold 03/13/2024
the dealplayerscompscontact
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Summary

CALIFORNIA
Asset Type:Retail
Transaction Type:Sale

The property at 29105-29227 South Western Avenue in Rancho Palos Verdes has been sold for $8,400,000. The transaction involved the buyers Kyle Gorman & Brandon Lehman and the seller Camie Booker. The asset type is Retail. Jason Ehrenpreis from CBM1 represented both the buyer and seller in this deal.

Summary of transaction details:

  • Property Type: Retail
  • Transaction Amount: $8,400,000
  • Address: 29105-29227 South Western Avenue
  • Market: Rancho Palos Verdes

Jason Ehrenpreis from CBM1, the broker in this transaction, played a key role in securing leases with multiple A+ credit tenants for the new owner of Western Plaza. The property, spanning a full city block in affluent Rancho Palos Verdes, is set for a significant remodel this year. Furthermore, negotiations are ongoing with additional notable tenants.

Players

Jason Ehrenpreis
CBM1
Jason Ehrenpreis
4 deals$23.1M volume
BROKER

Details

SOLD
IMAGE: Jason Ehrenpreis DATE: 03/13/2024 ADDRESS: 29105-29227 South Western Avenue MARKET: Rancho Palos Verdes ASSET TYPE: Retail BUYER: Kyle Gorman & Brandon Lehman SELLER: Camie Booker BROKER: Jason Ehrenpreis (@Jason_CBM1) - CBM1 (@CBM1.Inc) SALE PRICE: $8,400,000 NOTE FROM BROKER: CBM1's Jason Ehrenpreis represented the buyer and seller in the sale of Western Plaza, marking the first time the property has ever been sold. The site stretches a full city block along Western Avenue, from Capital to Park Western, in affluent Racho Palos Verdes. In the wake of the property's major remodel slated for this year, Jason has secured leases with numerous A+ credit tenants for the new owner and is currently in lease negotiations with additional notable tenants.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$448,000.01

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$29,843.42
Cash-on-Cash Return-1.27%
Monthly Debt Service$39,820.29
Annual Debt Service$477,843.43