The Mansour Group of Marcus & Millichap Brokers Largest Net Lease Retail Sale of the Year to Date
September 02 2022 - 2:48PM
Business Wire
Marcus & Millichap (NYSE:MMI), a leading commercial real
estate brokerage firm specializing in investment sales, financing,
research and advisory services, announced today the sale of a
56,000-square-foot Target store in the Huntington Park neighborhood
of Los Angeles, California. The property traded for nearly $50
million at almost $900 per square foot, making it the largest net
lease retail sale of the year to date.
“This transaction represents a generational opportunity to
acquire a best-in-class retail asset with a long-term triple-net
lease in a trophy, infill location within Los Angeles,” said Alvin
Mansour, executive managing director investments, The Mansour Group
of Marcus & Millichap. “Being the new presence in a world-class
trade market is a win-win for Target and the buyer.” Mansour
represented the seller, a private company. The buyer was a private
investor from New York City utilizing a 1031 exchange.
The Target is located just seven miles from downtown Los
Angeles. There are over 3.6 million people in within a 10-mile
radius. “The opportunity to transact in one of the densest
submarkets in the country helped generate a highly competitive
sales process that included multiple bidders, private and
institutional, despite rising interest rates and inflation,” added
Mansour.
About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm
specializing in commercial real estate investment sales, financing,
research and advisory services with offices throughout the United
States and Canada. As of December 31, 2021, the company had 1,994
investment sales and financing professionals in 82 offices who
provide investment brokerage and financing services to sellers and
buyers of commercial real estate. The company also offers market
research, consulting and advisory services to clients. Marcus &
Millichap closed 13,255 transactions in 2021, with a sales volume
of approximately $84.4 billion. For additional information, please
visit www.MarcusMillichap.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20220902005307/en/
Gina Relva, VP of Public Relations
Gina.Relva@marcusmillichap.com 510-999-1284
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