WESTMAC COMMERCIAL BROKERAGE COMPANY ARRANGES $1.16 MILLION SALE OF ABSOLUTE NET AUTOMOTIVE RETAIL IN DESERT HOT SPRINGS, CA
United States, California, Los Angeles - 03/18/2021 — WESTMAC Commercial Brokerage Company has arranged the sale of 13418 Palm Drive in Desert Hot Springs, California for $1,160,000 at a 5.9% cap rate.
13418 Palm Drive is a single-story 1,935 square foot commercial building on approximately 10,454 square feet of land. The property is located between Hacienda Avenue and Ironwood Drive along main thoroughfare Palm Drive. It is leased to a Jiffy Lube franchisee with five years remaining on an absolute net lease.
Founded in 1971 and headquartered in Houston, Jiffy Lube is a leading provider of automotive preventive maintenance with over 2,000 locations throughout forty-nine states. The current tenant has been at the location approximately seventeen years with multiple options to extend remaining.
The buyer recently sold their commercial real estate in Venice and was in a 1031 tax deferred exchange. WESTMAC Commercial Brokerage Company was the listing broker on the downleg.
“The buyer wanted to exchange into an investment with little to no management responsibilities,” said Brian Hart. “The strong recession-proof nature of the automotive sector, absolute net lease, and built-in annual increases really appealed to the buyer,” he added.
Brian Hart and T.C. Macker, CCIM of WESTMAC Commercial Brokerage Company represented the Buyer. Jack Whalen of Kidder Mathews represented the Seller.
About WESTMAC Commercial Brokerage Company
WESTMAC Commercial Brokerage Company is a Los Angeles based commercial real estate brokerage firm founded in 1988 by one of L.A.’s most recognized commercial real estate brokers Timothy C. Macker. Our firm is a full-service real estate company that provides exemplary consultation, advisory and marketing services to property owners, users, developers and investors. From 2001 until 2018, the company was affiliated and a franchisee of Coldwell Banker Commercial before returning to its roots, as WESTMAC Commercial Brokerage Company.
Our 30+ professionals specialize in four distinct market niches: office, industrial, retail and multi-family properties. Among the primary services the firm provides are exclusive marketing of both for-sale and for-lease properties, representation of tenants seeking to lease commercial space, and consultation to real estate investors, developers and owners on the disposition or acquisition of commercial property.
Our standard is “The client’s best interest must be the guiding force behind all services.”
Media Contacts:
Company Name: WESTMAC Commercial Brokerage CompanyFull Name: Jennifer Moscoso
Phone: 3109664397
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Website: www.westmac.com