Charles Dunn Company Completes $7.95 Million Sale of a Single Tenant Retail Property Occupied by CVS Pharmacy in Victorville, Calif.
LOS ANGELES, CA – August 12, 2011 – (RealEstateRama) — Charles Dunn Company, one of the largest full-service regional real estate firms in the Western United States, has completed the $7.95 million sale of a single tenant NNN-leased property occupied by CVS Pharmacy. The building totals 12,900 square feet and is located at 14426 Palmdale Road in Victorville, Calif.
Hamid Soroudi and Kimberly Roberts Stepp of Charles Dunn Company represented the Southern California-based buyer, 14426 Palmdale Road, LLC in the transaction. The seller was a developer from Los Angeles, NMC El Evado, LLC, and was represented by Nick Coo of Faris Lee Investments. The closing cap rate was $6.5 percent.
“This NNN-leased, single-tenant property offered the buyer a secured cash flow investment with a well-performing tenant that has a long term lease,” said Soroudi. “The buyer had sold a multifamily property at low 4 percent cap rate and was happy to acquire a 6.5 percent cap rate replacement property with no management involvement.”
About Charles Dunn Company
Charles Dunn Company is one of the largest full-service regional real estate firms in the Western United States. Established in 1921 and headquartered in Los Angeles, the firm’s brokerage practice continues to be a market leader. The firm also manages more than 20 million square feet of office, industrial, retail, residential and mixed-use properties for third party clients and provides construction management, architecture and design, general contracting and capital markets services. With more than 260 team members in nine offices, Charles Dunn Company’s reach extends far beyond its physical locations, as its experienced professionals leverage their market knowledge, relationships, and expertise to achieve and exceed client expectations. www.charlesdunn.com
