Retail

Theodore Zwicker with NAI Capital’s West L.A. office closed two retail deals, one co-brokered with Patti Hawley, totaling over 31,000 sq. ft. and $10 Mil in sales.

YUCCA VALLEY, CA – Theodore Zwicker and Patti Hawley, both with the West L.A. office, represented the Seller, GL Yucca Valley, LLC, in the sale of an 18,046 sq. ft. Rite Aid retail property located at 57701 Twenty Nine Palms Highway in Yucca Valley to the Buyer, Timothy Hopkins.  The outside brokerage was Marcus & Millichap and the value of the sales transaction was approximately $5.7 Mil.

VENTURA, CA – Theodore Zwicker represented the Seller, Venboc, LLC, in the sale of a 13,242 sq. ft. Rabobank retail property located at 300 Mills Road in Ventura to the Buyer, Taus Properties.  The outside brokerage was Bankwest Mortgage and the value of the sales transaction was $4.5 Mil.

“The fiscal cliff was not bad for all people.  The owner of the Rabobank in Ventura had owned the property for 40 years.  He decided mid-year that he wanted to sell to minimize his exposure to the changes in tax laws.  He provided us with a legitimate time to market his property and we were able to create a transaction that was to his liking.   The owner of the Rite Aid in Yucca Valley, similarly mid-year listed the building for sale with a major competitor, but they were not able to effect a sale.  They came to me on November 15, and asked “Would you take a listing with the stipulation that the sale must be consummated by year end?”  We submitted 6 offers almost immediately, one of which was chosen.  Unfortunately, that buyer was not able to meet the deadline so we chose a new buyer who closed, in record, or near record time.  The fiscal cliff motivated both clients to effect all cash sales to their liking and generated fees on over $10M worth of commercial real estate sales for NAI Capital,” notes Senior Vice President, Theodore Zwicker.

Rite Aid is located in the Warren Vista Center and is one of the top performing stores in California.  The 18,026 sq. ft. freestanding drugstore resides on a signalized corner with two monument signs. The new 2011 construction is also equipped with a double drive-thru feature.  Yucca Valley is bordered by Desert Hot Springs to the West and is a gateway to Joshua Tree National Park which receives 1.5 million visitors a year.  Yucca Valley is situated 37 miles north of Palm Springs and 17 miles west of 29 Palms.

Rabobank is located across the street from the Pacific View Mall which houses Macy’s, JC Penney, and Target.  The custom designed bank was designed by the internationally acclaimed architectural firm of Welton Beckett. The two story, 13,242 sq. ft. property resides on a corner lot, has a drive up teller window, and signalized corner. Rabobank, based in the Netherlands, is the 12^th largest bank in the world.  The property lies just north of the 101 Freeway off Telephone Road exit.

About NAI Capital

NAI Capital is a leading Southern California commercial real estate firm headquartered in Encino, California. With 14 offices throughout Los Angeles, Orange, Riverside, San Bernardino and Ventura Counties, NAI Capital is the Southern California affiliate of NAI Global, a premier real estate service network with 350 offices spanning the globe. Since 1979, NAI Capital clients have built their businesses on the power of our expanding network. Our extensive services include: multi-site acquisitions and dispositions, sublease, tenant representation, lease administration and audit, investment services, due diligence and related consulting and advisory services. To learn more, visit www.naicapital.com NAI Capital Brokerage DRE #00806840.

Contact: Sharon Fitzgerald, Public Relations, 818.742.1655 sfitzgerald@naicapital.com