Private Investor Acquires Retail Property In San Pedro For $5.5M

The property involved in the transaction is a newly developed, single-tenant restaurant located at 359 S. Gaffey St. in San Pedro. The property, with a square footage of 2,420, was sold to a private investor from Los Angeles for $5.5 million. Del Taco currently occupies the property under a newly signed 20-year, corporate-guaranteed, triple-net lease.

Summary of transaction details:

• Property Type: Retail
• Transaction Amount: $5,500,000.00
• Buyer: Private Investor
• Seller: Paragon Commercial Group
• Buyer's Representative: Kyle Gulock - Charles Dunn Co.
• Seller's Representative: Highland Partners Corp.

Kyle Gulock of Charles Dunn Co. represented the buyer in the deal, while Highland Partners Corp. represented the seller. The acquisition was part of a 1031 exchange and involved a joint venture between Rich Development Enterprises and Paragon Commercial Group. Del Taco, a tenant at the property, holds a 20-year lease with corporate guarantees.