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T.C. Macker PR releases

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


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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


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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.

Commercial Real Estate, CRE News, T.C. Macker PR releases

WESTMAC COMMERCIAL BROKERAGE COMPANY ARRANGES SALE OF COMMERCIAL PROPERTY IN SANTA MONICA


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1619 – 1619 1/2 Santa Monica Boulevard, a commercial building in the highly-coveted City of Santa Monica, has sold for $4,200,000.

1619 – 1619 1/2 Santa Monica Boulevard is comprised of a single-story approximately 5,310-square foot building on approximately 7,500-square feet of land. It is located along the popular Santa Monica Boulevard, home to an abundance of automotive dealers, high-end retailers, businesses, and eateries that serves the surrounding neighborhoods. The property sold to an owner-user buyer at $790 per square foot.

“This was a generational family property and we were glad we could find a great user buyer who purchased at asking,” said T.C. Macker, CCIM.

1619 – 1619 1/2 Santa Monica Boulevard is a short distance from Santa Monica’s bustling tourism industry, including Santa Monica Beach, Santa Monica Pier and the Third Street Promenade.

T.C. Macker, CCIM of WESTMAC Commercial Brokerage Company represented the Seller. Joanne Smith of Rodeo Realty represented the Buyer.

Commercial Real Estate, CRE News, T.C. Macker PR releases

Just Sold in Venice Beach for $1.85M


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Venice, CA – A single-story, 1,787-square foot building located on the high-traffic arterial Lincoln Boulevard has sold for $1,850,000.

Private Sellers sold the former auto repair shop located at 208 Lincoln Boulevard to Swedish Cap Repair, LLC, a limited liability company. The Buyer purchased the property as an owner-user and plans to convert the 4,000-square foot lot into a clothing store.

“At a premium of $1,035 per square foot, that’s the highest price to date for an auto repair facility on Lincoln Boulevard in Venice,” says Brian Hart.

208 Lincoln Boulevard is situated in the Venice neighborhood of Los Angeles, popular with both tourist and locals thanks to its blend of upscale boutiques, funky shops, eclectic cafés, and famous boardwalk.

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

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