CBM1 managing principal Geoff Grossman recently completed the sale of a street retail building at 5326 Atlantic Boulevard just south of Market Street and east of the 710 freeway in central Long Beach.
A 3-unit retail building, the property is currently occupied by a local independent pharmacy and an auto repair shop. The buyer will occupy the remaining vacant unit, relocating an established business from North Hollywood.
The well-located property is situated at the entrance to the Carmelitos Housing Project, a 155, one + two-bedroom unit residential complex home to over 600 residents. The highly active retail trade area surrounding the property features a mix of successful local and national tenants, including AutoZone, Dollar Tree, CVS, Jack in the Box, Popeyes Louisiana Chicken, and more.
“The ideal site for an owner-user, the property suits the buyer’s needs perfectly,” says CBM1’s Geoff Grossman, who represented both parties in the sales transaction, and adds: “Rather than commuting daily to North Hollywood, the buyer now has a shop in his neighborhood.”
The sale is also a win for the seller, according to Grossman, who notes: “This is a multi-generationally owned property. Meanwhile, the seller was looking to move into different assets. And by trading out of the property, the seller realized a profit well above their initial investment.”
The buyer was also in a position to purchase the property with all cash, which Grossman says: “Removed the complication of obtaining financing,” a prospect that Grossman acknowledges has grown “Increasingly difficult amid rising interest rates.”
For more information on this transaction or CBM1 brokerage services, contact Geoff Grossman at 310.299.4224 | geoff@cbm1.com
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