Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale of a freestanding retail property located at 5731 Bickett Street in Huntington Park, California. The 56,000-square-foot property is expected to be completed by developer Shane Companies in January 2023 and is fully leased to Target under a long-term triple net lease. Jason Maier of Stan Johnson Company represented the 1031 exchange buyer, a New York-based private investor, who acquired the asset for $48.7 million. Financing was provided by Principal Life.
“We know Target is extremely excited to get this site open, and we are proud to have been part of such a dynamic acquisition,” said Maier, Senior Director in Stan Johnson Company’s New York office. “Target searched long and hard to find a site suitable to serve the community of Huntington Park.”
Shane Companies started construction on the property in June 2022. Situated on 4.1 acres south of Los Angeles, this site will boast a brand new Starbucks, Tesla charging stations and the urban format needed for Target.
“We are excited to announce this acquisition on behalf of our client. This was a very challenging transaction from the beginning, and we are sincerely appreciative of the entire development team at Shane Companies, our lender Principal Life, the mortgage broker, David Horowitz, at Cooper Horowitz, and Jonathan Margolis, the buyer’s attorney, at Morrison Cohen LLP,” added Maier. “I would also like to give a special mention to my colleague Ashley Wilhide and the entire team at Stan Johnson Company. This was the kind of transaction that required extra attention and focus from start to finish. I want to personally thank each and every person involved in this transaction for their unwavering dedication and problem solving ability.”