Robhana Group And Reliable Properties Acquire 9 Big Lots Stores In CA And Miami For $50.7M

The Robhana Group and Reliable Properties have acquired nine Big Lots store locations in California and Miami. The properties were part of a larger 25-property sale and leaseback portfolio that was acquired by a large institutional investor in 2023. The sale was facilitated by CBRE, with the seller, Big Lots, being represented by CBRE in both transactions.

Summary of transaction details

• Property Type: Retail
• Transaction Amount: $50,700,000
• Address: 610 Las Tunas Drive, 2900 West Rosecrans Avenue, 3003 West Manchester Boulevard, 1410 East Plaza Boulevard, 17575 Foothill Boulevard, 12550 Central Avenue, 1815 West Slauson Avenue & 299 Borchard Drive; 2100 SW 27th Avenue
• Market: Arcadia, Gardena, Inglewood, National City, Fontana, Chino & Ventura, CA; Miami
• Buyer: Robert Hanasab - Robhana Group; Jack Nourafshan - Reliable Properties
• Seller: Doug Ostrover - Blue Owl Capital
• Brokers: Alex Kozakov & Patrick Wade - CBRE
• Square Footage: 242,933
• Price per Square Foot: $209

CBRE played a crucial role in facilitating this transaction, representing the seller, Big Lots, throughout the process. The acquisition of these Big Lots store locations in California and Miami represents a significant investment opportunity for the Robhana Group and Reliable Properties. With a total sale price of $50,700,000 and a square footage of 242,933, this deal demonstrates the investors' confidence in the retail market. The involvement of Robert Hanasab, Jack Nourafshan, and the CBRE team led by Alex Kozakov and Patrick Wade further highlights the collaboration and expertise that contributed to the successful completion of this transaction.