WESTWOOD, CA-The sale of the Jerry's Famous Deli building here underscores investor demand for well-located NNN properties, according to brokers on the deal. "This is another example of buyer preference toward high-quality, single-tenant assets in core, infill markets," says Jon Selznick of Irvine, CA-based Pacific Commercial Investments, who represented the seller of the building along with Pacific Commercial's Chris Rodriguez.
The buyer, a private entity represented by Yumiko Kato of the Real Estate Co., acquired the property from the Starkman Family Partnership for $6.75 million, financing it via $4.25 million in equity and a $2.5 million loan from First Foundation Bank in Irvine. The deal closed at a cap rate of 6.74%.
Jerry's Famous Deli, which has three years remaining on its lease, occupies both floors of the property, which is a two-story, 12,756-square-foot building at 10923-10929 Weyburn Ave. that fronts Weyburn Avenue between Broxton and Westwood Boulevard. The property, which was built in 1936 and refurbished in 1996, attracted multiple offers.
Selznick and Rodriguez note that the property is located in the main commercial district of Westwood two parcels away from the historic Mann's Village Theater, one block from UCLA's campus and adjacent to UCLA Medical Center. The extremely dense trade area of Westwood Village comprises over 114 stores, eight theaters and 91 restaurants in addition to dense off-campus housing, they point out.
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