CBM1 principal Rick Rivera recently completed the sale of three Dollar General anchored single-tenant properties sold as a combined portfolio. Two of the sites are located in San Bernardino, and the third in Perris, all situated in the Inland Empire submarket. The portfolio traded near the asking price of $10.2 million.

The three sites are located on Baseline Street and N. Waterman Avenue in San Bernardino, and W 4th Street in Perris. All newer construction (less than 10 years old), each property was built-to-suit as a single-tenant retail store specifically for Dollar General. The three properties are signed to long-term (15-year), corporate guaranteed leases that include multiple renewal options and graduated rental rate increases.

Originally founded under the family name Turner & Sons in 1939, the moniker was officially changed to Dollar General in 1955. Boasting the most physical locations of any US-based dry goods retailer, Dollar General operates over 18,000 stores in 46 states, each location stocks over 10,000 items. And the organization presently employs 160,000+ workers. The corporation has been publicly traded on the New York Stock Exchange (listed as DG) since 1968. Recognized as a Fortune 500 company since 1999, the retailer is currently ranked at #91.

Mr. Rivera represented the buyer and seller, both private investors.

“Despite fluctuations in the economy, particularly in the retail segment, discount stores continue to thrive,” says CBM1’s Rick Rivera, adding: “And this fact directly contributes to interest in investment opportunities such as this [Dollar General portfolio].” Also, according to Rivera, property investors are seeking “stable, reliable assets” anchored by “credit tenants with recession-resistant business models, signed to long-term, corporate guaranteed leases,” criteria that Dollar General clearly satisfies.

For more information on this transaction or CBM1 brokerage services, contact Rick Rivera at 310.231.5201 | rickr@cbm1.com.

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CBM1 Co-Principal Rick Rivera represented the seller in the recent sale of a strip center at 3450-3460 Saviers Road in Oxnard. The property traded for $2,970,000.

Situated on Saviers Road, just south of Bryce Canyon Avenue, the site features an approximately 7,300 SF retail building on a half-acre lot. Prior to the sale, Mr. Rivera brought the center to 100% occupancy, negotiating leases with Little Caesars (occupying two spaces), a mini market, laundromat, and nail salon.

Ideally located amid the area’s primary commercial district, the property is directly across from a Ralphs grocery store. Other notable nearby retailers include Walmart + dd Discounts, anchoring Centerpoint Mall, and El Super grocery store, anchoring an adjacent community center.

“With the client’s support, we executed our pre-sale strategy to perfection, leasing up the center to 100% occupancy, installing ideally suited tenants, and securing solid lease terms,” CBM1’s Rick Rivera says. As a result, “The seller was rewarded with a low cap rate, a higher-than-expected sale price, and a smooth, speedy transaction,” Rivera also notes, adding: “Ultimately, we connected with the right buyer, creating a win-win situation for all parties.”

For more information on this transaction or CBM1 brokerage services, contact Rick Rivera at 310.231.5201 | RickR@cbm1.com.

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CBM1 Senior Vice President Jason Ehrenpreis recently completed the sale of a corner retail strip center at 15734 Hawthorne Boulevard in Lawndale. The property traded for $3,330,000.

Situated at the major signalized intersection of Hawthorne Boulevard and Manhattan Beach Boulevard, the property is located amid Lawndale’s thriving commercial trade area. The site features a 6,080 SQFT retail building on a 20,473 SQFT lot. Tenants include One Main Financial, Rolling Zone Creamery, and a Bank of America ATM. The subject property, a pad building, is Shadow anchored by a CVS Pharmacy.

Well-located in the heart of the South Bay, the site is just east of the 405 freeway’s Hawthorne Boulevard Exit and near the Anderson Elementary and Will Rogers Middle School joint complex.

Mr. Ehrenpreis represented the seller, a private investor.

“The property is an incredible value-add opportunity, perfect for an owner-user,” says CBM1’s Jason Ehrenpreis. “The buyer intends to occupy the center’s single vacancy [with plans to open an Asian restaurant], while also drawing income from the co-tenants,” Ehrenpreis notes, adding: “And if any of the current tenants vacate, the new ownership has an opportunity to install a replacement tenant, paying market rent.”

For more information on this transaction or CBM1 brokerage services, contact Jason Ehrenpreis at 310.231.5213 | jason@cbm1.com.

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CBM1 principal Rick Rivera and Senior Vice President Jason Ehrenpreis recently completed the sale of a newly constructed corner retail strip center at 2580 Venice Boulevard in South Los Angeles. The property traded for $6,100,00.

A ground-up development, the property is situated at the major signalized intersection of Venice Boulevard and Arlington Avenue. The site features a 4,391 SQFT retail building on a 15,682 SQFT lot. The 7-Eleven anchored center includes two additional co-tenants, Piara Pizza and Margarita’s Place Mexican restaurant, plus an income-generating billboard leased by Ellmar Outdoor Media.

The well-located site is just east of Western Boulevard and just south of the 10 freeway, surrounded by the steadily gentrifying South Los Angeles communities of West Adams, Jefferson Park, and Arlington Heights. Further signs of the area’s revitalized economic status include several nearby new and under construction residential and retail developments, including the CVS + Food4Less anchored Western Plaza Shopping Center.

Mr. Rivera + Mr. Ehrenpreis represented the Seller. Young Park of New Star Realty represented the buyer, a private investor.

“7-Eleven [anchor tenant] is certainly the property’s most attractive feature,” says CBM1’s Rick Rivera, adding, “but the surrounding area’s gentrification over the past two-plus decades was another major factor [to netting an aggressive purchase price].” The growing number of condominiums, apartments, and retail properties developed in the area have “raised land values” and “increased interest among developers and investors,” according to Rivera.

For more information on this transaction or CBM1 brokerage services, contact Rick Rivera at 310.231.5201 | rickr@cbm1.com or Jason Ehrenpreis at 310.231.5213 | jason@cbm1.com.

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West Los Angeles, CA – March 2022, CBM1 completed the sale of a multi-tenant strip center at the major signalized intersection of National Boulevard and Sepulveda Boulevard in West LA.

CBM1 managing principal Geoff Grossman recently completed the sale of a neighborhood retail shopping center at 11201-11223 National Boulevard in prime West Los Angeles. The property traded for $13,100,000.

Situated at the major signalized intersection of National Boulevard and Sepulveda Boulevard, the property includes a 10,883 SQFT retail building on a 24,400 SQFT lot. The center incorporates eight units (seven of which are currently occupied), a newsstand, a Wells Fargo ATM, two income-producing billboards, and a cell tower.

The well-located site is at a 405-freeway off-ramp, adjacent to the 405 and 10 freeway interchange, with clear visibility from both expressways. The property shares the heavily trafficked intersection with a busy Ross Dress For Less store and a Vons + CVS anchored community shopping center.

Mr. Grossman represented the seller, Los Robles Office partners. Paul Brehme of Lee & Associates represented the buyer, a private party purchasing the property in a 1031 exchange.

The result of an off-market deal, the property was sold through a direct relationship between Mr. Grossman and Mr. Brehme. “The property had been off the market since last spring (2021, amid flagging activity),” says CBM1’s Geoff Grossman, adding, “But when Paul inquired about available sites in the area, this center immediately came to mind.”

The transaction’s off-market origins underscore the value of working with a seasoned broker. “Commercial real estate is a very connected industry. And this deal, like so many others, got done because of a professional relationship,” Grossman says in closing.

For more information on this transaction or CBM1 brokerage services, contact Geoff Grossman at 310.299.4224 | geoff@cbm1.com.

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CBM1 managing principal Geoff Grossman recently closed the sale of a creative office building fronting La Brea Avenue, just north of Melrose Avenue in bustling Mid Los Angeles. The approximately 6,311 SF, 2-story renovated building traded for $6.595 million. Mr. Grossman represented the buyer, VI Peel, a national skincare company. Aleks Trifunovic of Lee & Associates represented the seller.
The buyer, VI Peel, intends to use the building as the headquarters for their steadily expanding medical skincare treatment business. VI Peel provides medical-grade skincare treatments to over 6,000 doctors’ offices and medispas nationwide.

“Talk about fast-tracking a deal!” CBM1’s Geoff Grossman says of the transaction he closed in less than three weeks with only a four-day escrow. “For tax reasons, my clients [VI Peel owners] needed to close no later than December 31st. I showed them [the subject property] on December 9th. The sellers agreed to an expedited close on December 29th. And the transfer recorded on December 30th,” Grossman explains, adding: “It was a mad race to beat the deadline. But miraculously, it all came together.”

Mr. Grossman also praises the efforts of Lee & Associates Aleks Trifunovic: “Honestly, I could not have made this deal happen without Aleks’ exceptional effort. He’s a true professional and exercised effort every step of the way.”

For more information on this transaction or CBM1’s investment sales advisory and brokerage services, visit cbm1.com or contact Geoff Grossman at: 310.299.4224 or geoff@cbm1.com.

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