SOLD – Big 5 in Victorville, CA
The 8,000 square-foot single tenant building has been occupied by Big 5 since the building was constructed in 1987. In spite of the 1980’s rent basis and a short lease term, with up to 45 years of options at possibly flat rent, the superb location and minimal risk made it a very desirable acquisition. The property was purchased by a private SoCal investor for $1,580,000 in an all cash transaction at below a 5% cap rate which demonstrates the continued strength of the single tenant market even in outlying SoCal trade areas. Progressive Real Estate Partners brokers Mike Lin and Brad Umansky exclusively represented both the buyer and seller in the transaction. According to Retail Specialist Mike Lin, “This sale demonstrates that when you have an excellent location a buyer will pay a low cap rate despite a short term lease”.
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