Jones Lang LaSalle Incorporated: Single Tenant Commercial Space in Southern California Trading for $ 4.725 Million

NEWPORT BEACH, CALIF. – December 15, 2021 –JLL Capital Markets announced today that it has completed the sale of $ 4.725 million of new single-tenant retail space totaling 4,068 square feet at Sierra Shopping Center, which is net leased to a creditworthy tenant in the community of Baldwin in Los Angeles County. Park, California.

JLL marketed the property on behalf of the vendor, Paragon Commercial Group. A private buyer acquired the asset.

The commercial property is an outparcel at the Sierra Mall and is located on .937 acres at 13602 Francisquito Ave. in Baldwin Park, a community 20 minutes from downtown Los Angeles and in the heart of the San Gabriel Valley. This location, which sits in a solid commercial corridor along Francisquito Avenue, provides visibility to the more than 49,000 vehicles that pass by each day, and the mall is in a dense, infill location that serves over 239 703 residents earning an average annual income per household. of $ 80,425 within a three mile radius.

Opposite a high-profile mall anchored by Target and Food 4 Less, 13602 Francisquito Ave. is home to Raising Cane’s Restaurant, LLC, ranked among the best and most profitable restaurants in the quick service industry. This creditworthy, best-in-class essential retailer operates a 15-year triple net lease on the building, which was completed in 2020.

The JLL Retail Capital Markets team representing the seller was led by Director Adam Friedlander.

“The best high-end fast food restaurants remain in high demand in a post-pandemic environment,” Friedlander said. “Investors are drawn to corporate signings, long-term leases, minimum or no landlord obligations, rent increases scheduled every 5 years, and buildings with drive-thru. Quick service restaurants have become a great option for 1031 active exchange buyers in the market, especially those who negotiate a different type of product, such as multi-family or office. Through our marketing efforts, we were able to secure 13 qualified offers and ultimately selected a local 1031 exchange buyer who completed the cash purchase. ”

JLL Capital Markets is a global full service provider of capital solutions for real estate investors and occupiers. The company’s in-depth knowledge of the local market and global investors provides the best solutions for clients – whether it is investment sales and advice, debt advice, equity advice or recapitalization. The company has more than 3,000 capital markets specialists around the world with offices in nearly 50 countries.

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Jones Lang LaSalle Americas, Inc. (“JLL”) is a Licensed Real Estate Broker with the California Department of Real Estate, License # 01223413.

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