Hill Family Trust paid $2.71 mil for a single-tenant, NNN-leased property occupied by O’Reilly Auto Parts in Baldwin Park. The 7.1k sf ($382/sf) property is situated on .65 acres at 1516 Puente Ave, at the intersection of Francisquito Ave and Puente Ave.
The sale represents the final piece of a development sold by PCG BP Puente LLC, a single-purpose LLC controlled by Paragon Commercial Group LLC and its investment partners, who previously sold the adjacent parking lot parcel to Kindred Healthcare. The intersection generates traffic counts in excess of 53,000 vehicles per day and is contiguous to a freestanding prototypical CVS Drugstore.
The sale took place shortly after construction was completed by O’Reilly. The project was a reverse build-to-suit for the tenant, which signed a 15-year lease.
Donald MacLellan and Chris Tramontano of Faris Lee Investments represented the seller. The buyer was repped by Dan Willis of Willis Ventures. The sale had a closing cap rate was 4.7 percent.
“Paragon Commercial Group, LLC and its partners purchased the entire parcel of land and immediately subdivided it,” noted MacLellan. “One parcel was leased to O’Reilly and the other was leased to the adjacent hospital. Both parcels were sold as single-tenant investments.” There were several full-price offers on the O’Reilly property and escrow closed in just 25 days.