September 17, 2019 – A retail asset net-leased to Jack in the Box has traded for $4,000,000, according to Cole Martens and Cory Stehr, principals of Lee & Associates-LA North/Ventura, who represented the buyer in the transaction.
The 2,650-square-foot store is located at a signalized intersection in front of the La Brea Expo Line stop at 5101 W Jefferson Blvd. in the rapidly gentrifying West Adams submarket of Los Angeles.
“You couldn’t ask for a better location for an investment property,” Stehr said, “not only because of the immediate proximity to the Expo line, but also because West Adams is in the midst of a major transformation with numerous developments underway and property prices on the rise.”
The buyer, a private investor, acquired the NNN investment as an upleg in a 1031 Exchange. Stehr also represented the investor in the downleg, an Orange County shopping center sold for $4.5 million.
“We are seeing many investors opt for NNN properties for the ease of management and the stability of the assets,” Martens added.
No less than 25 developments are underway in West Adams including multifamily, retail, hotel and office properties, in part due to West Adams’ designation as an Opportunity Zone.