May 16, 2017 – Avison Young, the world’s fastest-growing commercial real estate services firm, announced today that it has negotiated the $6.5 million sale of an absolute triple-net leased single-tenant retail property in Cerritos, CA, which is located in Los Angeles County. The property is fully occupied by Comerica Bank.
Brian Hennessey, a Senior Vice President in Avison Young’s North Los Angeles office, and Armand Aghadjanians, an Associate in the company’s North Los Angeles office, represented the seller, a private investor from Southern California. The buyer was also a private investor from Southern California and was represented by Brian C. Russell of Kinnery’s Brokerage and The Primemark Group.
“This single-tenant property offered the buyer a passive income stream with minimal landlord responsibilities, strong tenancy and a prime location in a densely populated area that is in the center of a thriving retail hub,” says Hennessey.
Built in 1974 and located at 11355 South Street, the property totals approximately 5,225 square feet (sf), including approximately 1,200 sf of mezzanine space. The property is located at a signalized corner and is an outparcel to Los Cerritos Center, a regional mall totaling more than 1.3 million square feet with such tenants as Nordstrom, Macy’s, Dick’s Sporting Goods and Harkins Theaters, among others. Additionally, the asset is just a half-mile from the iconic Cerritos Auto Square and is just off the South Street exit of the 605 freeway, which accommodates more than 237,000 vehicles per day.
Avison Young is the world’s fastest-growing commercial real estate services firm. Headquartered in Toronto, Canada, Avison Young is a collaborative, global firm owned and operated by its Principals. Founded in 1978, with legacies dating back more than 200 years, the company comprises approximately 5,000 real estate professionals in 120 offices in 20 countries. The firm’s experts provide value-added, client-centric investment sales, leasing, advisory, management and financing services to clients across the office, retail, industrial, multi-family and hospitality sectors