Pat Scruggs and Gary Stache of the Private Client Group note that the property is 100% leased to American Building Maintenance, which has occupied the property for 10 years, on a triple-net lease with fixed rental increases. Scruggs and Stache represented the seller, with the buyer represented by Mini Yujuico from Lee & Associates.
ABM Plaza is at 5200-5300 S. Eastern Ave. on 2.2 acres of land. The transaction closed at an 8% capitalization rate that worked out to $185 per sf, the CBRE brokers note. The sale typifies what commercial real estate professionals describe as the extremely strong demand among investors for well leased investment properties of all product types.
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