Heslin Holdings Inc. Completes Redevelopment and $4.14 Million Sale of New Chase Bank in Los Angeles
Heslin Holdings, Inc., a privately held, full service real estate acquisition and development firm, has completed the redevelopment and $4.14 million sale of a new, 4,672 square-foot Chase bank in Los Angeles, Calif.
NEWPORT BEACH, CA, July 30, 2012
Heslin Holdings, Inc., a privately held, full service real estate acquisition and development firm, has completed the redevelopment and $4.14 million sale of a new, 4,672 square-foot Chase bank at 2175 Colorado Avenue in the Eagle Rock neighborhood of Los Angeles, Calif."We were able to capture a significant gain from this disposition, which is part of a larger strategy to monetize our large LA-based portfolio," explained Matthew J. Heslin, President of Heslin Holdings. "We plan to dispose of various assets in the next six months and redeploy those funds to acquire multiple retail properties throughout the Western U.S.," noted Heslin.
The property, which was acquired by Heslin Holdings Inc. in 2007, was formerly occupied by Blockbuster Video. Heslin Holdings secured a 15-year, triple-net lease with Chase bank in 2011, and redeveloped the property to meet the needs of the bank, according to Heslin.
"The triple-net investment market is commanding strong interest from both domestic and foreign buyers, and we are seeing significant cap rate compression on investment-grade real estate," explained Heslin. "This was the right time to sell this asset to an investor, who was able to achieve an acceptable cash on cash return."
The buyer, May Lilly LLC, is a California-based investment group.
Founded in 2003, Heslin Holdings is a privately held full service real estate acquisition and development firm, specializing in acquiring and developing retail portfolios and properties throughout the Southwest United States. The Seal Beach, California-based firm's Managing Director is Matthew J. Heslin, President. More information can be found at http://www.heslinholdings.com.