Hawthorne NNN-Ground Leased Property Sells for Over $1,000/sf
A two-tenant, 3k sf NNN-ground lease investment property in Hawthorne traded hands for $3.435 mil ($1,145/sf). The property, occupied by Jiffy Lube and Rally’s Hamburgers, is located at 12800-12812 Hawthorne Blvd, at the intersection with El Segundo Blvd. The deal came in at a 6.0% cap rate.
Built in 1995, the building is on 0.74 acres and is located less than one mile from the I-405 and I-105 freeways and four miles from the Pacific Ocean. The center was 100% occupied at the time of sale.
The buyer, Provident Trust of Topanga, Calif., was represented by Danny Liao of Sauve Riegel Commercial Real Estate in Pasadena, Calif. William B. Asher and Kevin T. Fryman of Hanley Investment Group Real Estate Advisors repped the seller, LE-1 LLC of Calabasas.
“Well-located NNN retail investments continue to be the retail product type that is selling with the most velocity in today’s market,” said Asher, managing director of Hanley Investment Group. “We were able to obtain record pricing on the Hawthorne property, even with each tenant having less than four years remaining on their current lease terms.”