1031 exchange

T.C. Macker PR releases

WESTMAC COMMERCIAL BROKERAGE COMPANY ARRANGES $3.2 MILLION SALE OF MULTIFAMILY PROPERTY IN WEST HOLLYWOOD, CA


No Comments

Closed: December 10, 2021

West Hollywood – WESTMAC Commercial Brokerage Company has arranged the sale of 7611 N. Lexington Avenue in West Hollywood, California for $3,200,000.

7611 N. Lexington Avenue is a two-story, 8-unit apartment building in one of the most sought-after rental locations, West Hollywood. The property is comprised of approximately 6,918 square feet of improvements on approximately 6,534 square feet of land with an excellent unit mix of 4 one-bedroom, one-bathroom apartments units and 4 two-bedroom, one-bathroom apartment units. Building amenities include ten parking spaces, community laundry, and storage area. The property sold for $400,000 per unit at 4.0% cap rate, and 16.5 GRM.

“This is a well-kept and low-maintenance property in a highly desirable rental market,” said T.C. Macker. “It made sense for our Buyer who was in a 1031-exchange.”

West Hollywood is known for its premier nightlife, restaurants, retail and its proximity to several employment centers and business services.

T.C. Macker, CCIM, Christian C. Holland, Woody Cook, and Jennifer Moscoso of WESTMAC Commercial Brokerage Company represented the Buyer. Katia Miramontes of The Agency represented the Seller.

T.C. Macker PR releases

WESTMAC COMMERCIAL BROKERAGE COMPANY ARRANGES $6.1 MILLION SALE OF FAST FOOD RESTAURANT PROPERTY IN SANTA MONICA, CA


No Comments

Closed: December 09, 2021

Santa Monica – WESTMAC Commercial Brokerage Company has arranged the sale of 2425 Wilshire Boulevard in Santa Monica, California for $6,100,000.

An investor has purchased the 3,260 square foot single story restaurant building. The property is occupied by Del Taco who are on a long term NNN ground lease and features a rare drive through for Santa Monica. Cap rate was 3.48%.

“This was a generational purchase opportunity to acquire a trophy single tenant absolute NNN corporate guaranteed ground leased asset located in a premiere part of Santa Monica,” said T.C. Macker, CCIM. “It was ideal for our buyer who was in a 1031-exchange.”

2425 Wilshire Boulevard is located near several popular shopping destinations within the city of Santa Monica.

T.C. Macker, CCIM, Christian C. Holland, Woody Cook, and Jennifer Moscoso of WESTMAC Commercial Brokerage Company represented the Buyer. Brandon Michaels and Steven Schecter of Marcus & Millichap represented the Seller.

CRE News, T.C. Macker PR releases

WESTMAC COMMERCIAL BROKERAGE COMPANY ARRANGES SALE OF TRIPLE NET LEASED RESTAURANT IN SANTA MONICA, CA


No Comments

PROPERTY CLOSED ON AUGUST 20, 2021

WESTMAC Commercial Brokerage Company has arranged the sale of 3221 Pico Boulevard in Santa Monica, California for $1,679,888.

An investor has purchased the 2,250 square foot single story restaurant building from a private Trust. The property is leased to a Vietnamese noodle bar, Viet Noodle. Cap rate was 5.6%.

“Once the mask mandate was lifted for indoor dining, the activity spiked and we garnered multiple offers shortly thereafter; and ultimately, selling to a 1031 exchange buyer,” said T.C. Macker, CCIM.

3221 Pico Boulevard is in an excellent Santa Monica location bordering West Los Angeles with easy access to the 10 and 405 freeways. The immediate area is home to a vibrant neighborhood full of pedestrian friendly sidewalks and plenty of walkable restaurants and retailers, including Trader Joes, Whole Foods 365, and The Upper West.

T.C. Macker, CCIM and Jennifer Moscoso of WESTMAC Commercial Brokerage Company represented the Seller. George Gross of Coldwell Banker Commercial NRT represented the Buyer.

T.C. Macker PR releases

WESTMAC COMMERCIAL BROKERAGE COMPANY ARRANGES $1.16 MILLION SALE OF ABSOLUTE NET AUTOMOTIVE RETAIL IN DESERT HOT SPRINGS, CA


No Comments

WESTMAC Commercial Brokerage Company has arranged the sale of 13418 Palm Drive in Desert Hot Springs, California for $1,160,000 at a 5.9% cap rate.

13418 Palm Drive is a single-story approximately 1,935 square foot building on approximately 10,454 square feet of land. The property is located between Hacienda Avenue and Ironwood Drive along main thoroughfare Palm Drive. It is leased to a Jiffy Lube franchisee with five years remaining on an absolute net lease.

Founded in 1971 and headquartered in Houston, Jiffy Lube is a leading provider of automotive preventive maintenance with over 2,000 locations throughout forty-nine states. The current tenant has been at the location approximately seventeen years with multiple options to extend remaining.

The buyer recently sold their commercial real estate in Venice and was in a 1031 tax deferred exchange. WESTMAC Commercial Brokerage Company was the listing broker on the downleg.

“The buyer wanted to exchange into an investment with little to no management responsibilities,” said Brian Hart. “The strong recession-proof nature of the automotive sector, absolute net lease, and built-in annual increases really appealed to the buyer,” he added.

Brian Hart and T.C. Macker, CCIM of WESTMAC Commercial Brokerage Company represented the Buyer. Jack Whalen of Kidder Mathews represented the Seller.

T.C. Macker PR releases

WESTMAC COMMERCIAL BROKERAGE COMPANY ARRANGES $3.26 MILLION SALE OF ABSOLUTE NET GROUND LEASE IN WHEELING, IL


No Comments

February 26, 2021

WESTMAC Commercial Brokerage Company has arranged the sale of 10 Huntington Lane in Wheeling, Illinois for $3,260,000 at a 7.1% cap rate.

10 Huntington Lane is a single-tenant approximately 5,905 square foot building on approximately 63,598 square feet of land. It is currently leased to a BMO Harris Bank branch. The sale was for the absolute net ground lease with five years remaining on the term.

The property is located in Wheeling, Illinois, a northwest suburb of Chicago approximately twenty miles from Downtown and twenty minutes from O’Hare International Airport. The property features over fifty parking spaces and five drive-through lanes.

“We’ve worked with buyers and sellers nationwide, and it’s usually that they want to sell locally and 1031-exchange into a triple net out-of-state,” said T.C. Macker. “In this case, the seller was local to us in California and wanted to sell her triple net asset in Illinois.”

The seller was a private seller. The buyer was an investment company.

T.C. Macker, CCIM and Jennifer Moscoso of WESTMAC Commercial Brokerage Company represented the Seller. Wes Koontz of Mid America Real Esate Corporation represented the Buyer. Charles Rutenburg Realty was the Broker of Record.