Newport Beach, CA (July 26, 2023) – SRS Real Estate Partners announced today it has completed the $4.325 million sale of a 3,749-square-foot single-tenant retail property occupied by Vans. Built in 1926, the property is located at 5232 2nd Street in the historic Belmont Shore neighborhood of Long Beach, CA.
SRS Senior Vice Presidents Chris Tramontano and John Redfield represented the seller, a private family office based in Dana Point, CA. The buyer was a private family office and was represented by Nathan Holthouser of Coastal Commercial Inc. The closing cap rate was 4.6%.
“This was a 1031 exchange buyer who paid all cash for this highly coveted and irreplaceable Belmont Shore property,” said Tramontano. “At a price per square foot of $1,153, this transaction is a testimony that investors are seeking a flight to quality in their retail asset portfolios. They are willing to pay a premium for urban and coastal “pride of ownership” opportunities with a strong brand tenant.”
“The sale price was supported by the combination of an investment-grade tenant and irreplaceable real estate,” said Redfield. “This is a great comp for 2nd Street Belmont Shore and illustrates the current lack of supply for high quality retail assets in Southern California for investors.”
The asset is triple net leased by VF Outdoor LLC, the wholly owned Vans subsidiary of VF corporation. Vans has been open at this location since 2009. 2nd Street in Long Beach is a major coastal thoroughfare home to Belmont Shore Shopping District with a wide array of popular and notable retailers, bars, and restaurants.
In 2022, SRS’ Investment Properties Group (IPG) and National Net Lease Group (NNLG) completed more than $2.8 billion in deal volume comprised of 705 transactions in 49 states. SRS currently has in excess of 550 properties actively on the market with a market value surpassing $2.8 billion.
About SRS Real Estate Partners
Founded in 1986, SRS Real Estate Partners is building upon its retail foundation to provide extensive commercial real estate solutions to tenants, owners, and investors. Headquartered in Dallas, with more than 25 offices in the U.S., SRS has grown into one of the industry’s most influential and respected leaders. Our commitment to excellence is strengthened by our Guarantee of Value and our success is measured in the achievement of our clients’ objectives, satisfaction, and trust. For more information, please visit srsre.com.
SRS’ Investment Properties Group (IPG) & National Net Lease Group (NNLG) is a unified platform of seasoned net lease professionals located and transacting nationally with all underwriting and marketing efforts strategically located in Southern California. In 2022, the group completed more than 705 sales across 49 states and has over 160 brokerage professionals nationally. From proactive sales to targeted acquisitions and tailored debt and equity solutions, SRS’ National Net Lease Group offers comprehensive services to net lease owners and investors. Superior speed-to-market, world-class marketing materials, a deep investor database and unparalleled retail submarket intelligence from the entire SRS platform allow SRS’ National Net Lease Group to deliver the best possible returns. For more information, please visit srsre.com/national-net-lease-group.