A 3.7k sf, single-tenant retail property occupied by Vans in the historic Belmont Shore neighborhood of Long Beach sold for $4.325 mil ($1,153/sf). Built in 1926, the property is located at 5232 2nd St.
Chris Tramontano and John Redfield with SRS Real Estate Partners’ National Net Lease Group represented the seller, a private family office based in Dana Point. The buyer, a private family office, was repped 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.”
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