July 13, 2024
Another happy client! This 21,000+ SF retail center located in the Koreatown area of Garden Grove, CA sold for $7,750,000 at close to a 6% cap rate once stabilized. The property sold approximately 11 months after engagement in a difficult market with tight lending at high interest rates. Client service included stabilizing the property, specialized property marketing and negotiation, detailed lease review, existing tenant management, new tenant leasing, and the preparation of a custom purchase and sale agreement to protect the new trustee after sale. The reason for sale was that the original trustee had passed away and desire to distribute trust assets to the beneficiaries. Extensive property management and understanding was needed. Operating expenses were minimized and revenue was increased by allocating utilities payments to tenants that were not recouped by the original trustee.
Through strong marketing efforts, I was able to attract many buyers to this retail center in a tough market. Congratulations to the new buyer who wanted more property in the area! Do not hesitate to contact me with your commercial or residential property real estate needs.
