Gideon Asset Management Acquires Retail And Parking Property In East Los Angeles From Primestor Development For $10.3M
SOLD
$10,299,000
California
See Similar DealsRetail
Sold 01/08/2019
SOLD
Gideon Asset Management Acquires Retail And Parking Property In East Los Angeles From Primestor Development For $10.3M
South McDonnell Avenue & Whittier Boulevard, East Los Angeles, Los Angeles, CA 90022, USA
See Similar DealsRetail
Sold 01/08/2019
Summary
CALIFORNIA
Asset Type:Retail
Transaction Type:Sale
A retail property and parking lot in East Los Angeles have been sold for a price of $10,299,000. The property is located at 4585 Whittier Blvd & 755 S McDonnell Ave and consists of 20,075 square feet of retail space, as well as a 19,000 square foot parking lot with 67 spaces. The sale price translates to a per square foot price of $509. The transaction took place on January 8, 2019.
Summary of transaction details:
- Property Type: Retail & Parking
- Transaction Amount: $10,299,000
- Address: 4585 Whittier Blvd & 755 S McDonnell Ave
- Market: East Los Angeles
- Square Footage: 20,075 + 19,000 SF Parking Lot (67 Spaces)
- Price per Square Foot: $509
- Date: January 8, 2019
The buyer of the property is Gideon Asset Management, represented by Aziz Syed, Gabriel Shehebar, Josef Chehebar, Patrick Wade, and Alex Kozakov from CBRE. The seller in this transaction is Primestor Development. The property has a cap rate of 5.5%. Notably, the tenant is NIKE.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$549,280.01
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$36,590.17
Cash-on-Cash Return-1.27%
Monthly Debt Service$48,822.51
Annual Debt Service$585,870.17
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