2-tenant retail pad in Southern California trades for $6.32M
JLL Capital Markets completed the sale of the recently renovated, net-leased outparcel building to GASKA, Inc.
NEWPORT BEACH, Calif., Nov. 15, 2021 – JLL Capital Markets announced today that it has closed the $6.32 million sale of a recently renovated, two-tenant retail pad at Pico Rivera Plaza totaling 7,331 square feet net-leased to credit-worthy tenants in the Los Angeles County community of Pico Rivera, California.
JLL marketed the property on behalf of the seller, Paragon Commercial Group. GASKA, Inc. acquired the asset.
The subject property is an outparcel to Pico Rivera Plaza and is situated on .51 acres at 8810 Whittier Blvd. in Pico Rivera, a community 12 miles southeast of downtown Los Angeles and on the southern edge of the San Gabriel Valley. This location, which is in a strong retail corridor along Whittier Boulevard, provides visibility to the more than 36,000 vehicles passing by each day, and the retail center is in a dense, infill location that serves more than 180,600 residents earning an average annual household income of $83,880 within a three-mile radius.
Fronting a high-profile shopping center anchored by Target and Food 4 Less, 8810 Whittier Blvd. is home to Pacific Dental Services, one of the fastest-growing private companies in America, and SchoolsFirst Federal Credit Union, which was voted the “Best Credit Union in California” according to Forbes. These two credit-worthy, best-in-class, essential retailers operate on triple-net leases, and the building, which was constructed in 1982, was most recently renovated in 2021.
The JLL Retail Capital Markets team representing the seller was led by Director Adam Friedlander.
“Pad sites leased to credit-worthy tenants on long-term triple-net leases remain in high demand due to the higher yield offered and diversification of income stream,” Friedlander said. “Multi-tenant outparcels to grocery-anchored shopping centers typically trade at a better cap rate than stand-alone buildings. Outparcels such as these offer a diversification of income stream across multiple tenants rather than relying on a single tenant’s income.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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Jones Lang LaSalle Americas, Inc. ("JLL") is a real estate broker licensed with the California Department of Real Estate, license #01223413.
About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 95,000 as of September 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Paragon Commercial Group
Paragon Commercial Group was strategically formed by an institutional team of retail executives to capitalize on opportunistic investment into value-add acquisition and tenant-driven development opportunities.
About GASKA, Inc.
GASKA, Inc. is a privately owned real estate development, investment and management firm based in Glendale, California. GASKA’s portfolio includes both commercial and residential real estate assets located throughout Southern California.