Brian Hart

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.

Commercial Real Estate

Sold! +/- 2,380 SF Vacant Building in Venice, CA


No Comments

Sold

2426 Lincoln Blvd, Venice, CA

Price:  $1,300,000 ($546/SF)

Bldg. Size: ± 2,380 SF

Land Size:  ± 3,045 SF

Closing Date: 12/22/2020

Buyer: Deer Creek, LLC (represented by Jake Zacuto – Zacuto Group Inc.)

Seller: Carmen Haro Trust (represented by T.C. Macker and Brian Hart – WESTMAC Commercial Brokerage Company)

Sale Notes:

–              Deferred maintenance

–              Property was purchased as an investment

–              Property was vacant at the time of sale

Commercial Real Estate, T.C. Macker PR releases

COLDWELL BANKER COMMERCIAL WESTMAC ARRANGES SALE OF COMMERCIAL PROPERTY IN MAR VISTA


No Comments

12820 Venice Blvd
Los Angeles (Mar Vista), CA

Coldwell Banker Commercial WESTMAC has arranged the sale of 12820 Venice Boulevard for $1,275,000.

12820 Venice Boulevard, a commercial retail building near downtown Mar Vista, has sold for $645 price per square foot. The property consists of one single-story building, approximately 1,974-square feet on an estimated 4,721-square feet of land.

A private buyer purchased the property as owner-users and was able to secure 90% SBA financing. “The buyer recognized a unique opportunity to purchase prime commercial real estate that would give their business excellent visibility along Venice Boulevard,” said T.C. Macker, CCIM.

The area along Venice Boulevard is amenity rich, surrounded by dense residential, and is easily accessible to the 405 Freeway and Pacific Coast Highway.

T.C. Macker, CCIM and Brian R. Hart of Coldwell Banker Commercial WESTMAC represented Buyer and Seller.