Dual-Tenant Retail Property Sale Completed by Marcus & Millichap
WHITTIER, Calif., May 27, 2021 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of 15214 Whittier Blvd., a 33,087-square-foot, dual-tenant retail property in Whittier, California. The asset traded at $11.95 million, which represents $361 per square foot and a cap rate of 5.42%.
“The Whittier Boulevard corridor is a linear market with a substantial amount of vehicular traffic, exposure, major retailers and dense demographics, all of which greatly benefit this property and its tenants,” said Ara H. Rostamian, vice president investments in Marcus & Millichap’s Los Angeles office. “With the property’s strong real estate fundamentals and corporate-guaranteed leases, we were able to persevere through the pandemic with our marketing and source a 1031-exchange buyer who understood the underlying value in this location.” Rostamian, Orbell Ovaness, and Jason Anguiano represented the seller, a private investor based in Southern California. “The property is within the new Whittier Boulevard Specific Plan’s Shopping Cluster District, which allows for mixed-use development,” added Ovaness.
Located across from an Amazon Fresh grocery store and surrounded by retailers such as Target, Trader Joe’s, Ralph’s, BevMo, Joann Fabrics and Office Depot, the property is occupied by Harbor Freight Tools and Goodwill Industries of Southern California. The population within a five-mile radius is 435,500 and the average annual income is $102,000.
“The new Whittier Boulevard zoning matrix allows for up to 130 residential units to be built over ground floor residential,” noted Anguiano.
# # #
About Marcus & Millichap (NYSE: MMI)
With over 2,000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 8,954 transactions in 2020 with a value of approximately $43 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.