Seal Beach – Leading real estate investment and development firm, Heslin Becker Properties, today announced the $8.1-million sale of the Smart & Final grocery store located at 7050 Katella Avenue in Stanton. The 30,476-square-foot property was purchased by 7050 Katella Ave., LLC, an investment group that was spearheaded by David Altemus and Justin Altemus, as managing members of the LLC.
The property was originally home to an Albertsons store, which had closed several years earlier. Heslin Becker Properties worked with this site's existing fee owner and Albertsons to purchase the fee and terminate the lease. Heslin Becker Properties then leased the space to Smart & Final and completely renovated the building which helped revitalize the entire shopping center.
“We acquired the property in 2007 and repositioned it into one of the first Smart & Final Extra concept stores, which provided the community with quality retail services and enhanced the overall area,” explained Matthew Heslin, principal and co-owner, Heslin Becker Properties.
“Given the pent-up demand for single-tenant retail product in the market, we opted to sell once the property was stabilized and generating good cash flow,” added Philip Nahas, vice president of operations, Heslin Becker Properties. “Altemus surfaced as the ideal buyer due to the company’s proven track record, strong commercial property portfolio and experience as an owner of other Smart & Final properties.”
According to Justin Altemus, “The property was a perfect match for what Altemus’ investor base was looking for. A stabilized property, located in an infill area, with a viable/proven tenant with over 17 years left on a lease. In addition, the lease contained rental increases along the way to help offset anticipated future inflation.”
Chuck Klein and Kevin Held of Cassidy Turley BRE Commercial’s Net Lease Investment Services represented Heslin Becker in the transaction. 7050 Katella Ave., LLC was represented by The Altemus Company, which is the Altemus’ brokerage and property management arm.
About Heslin Becker Properties
Heslin Becker Properties (HBP) is a privately owned real estate investment and development firm focusing on value-add opportunities throughout the United States. HBP invests its own funds alongside a network of investors with different investment criteria.
Established in Southern California in 2004 by Matthew Heslin and Brad Becker, the firm has offices in Seal Beach, San Diego, Los Angeles and Boise, as well as investments throughout the seven western states. Heslin and Becker, both seasoned real estate professionals with combined experience of 40+ years, created a company with a proven track record of strong relationships with the cities in which they develop and with the retailers for which they build.
HBP’s client experience includes Albertsons Stores, Kroger, Food 4 Less, TESCO, Savon Drugs, Rite Aid Corporation, Smart and Final Stores, Starbucks, Subway Inc., Walgreen’s, CVS Drugstore, Office Depot, Wells Fargo Bank, Citibank, JP Morgan Chase Bank, among others. More information can be found at heslinbecker.com.
About Cassidy Turley
Cassidy Turley is a leading commercial real estate services provider with 3,000 professionals in 60 offices nationwide. The company represents a wide range of clients—from small businesses to Fortune 500 companies, from local non-profits to major institutions. The firm completed transactions valued at $17 billion in 2010, manages 430 million square feet on behalf of private, institutional and corporate clients and supports over 25,700 domestic corporate services locations.
Cassidy Turley provides regional real estate services with local San Diego market leader Cassidy Turley BRE Commercial. Cassidy Turley BRE Commercial’s Net Lease Investment Services (NLIS) specializes in representing principals in the acquisition and disposition of single and multi-tenant net leased investment grade properties throughout the U.S. NLIS takes great strides to provide clients with integrated tailored solutions, which cater to each investor’s individual goals and objectives. With over 45 years of collective experience, NLIS has built their values upon the philosophy of dedicated relationships, client advocacy and a passion for real estate. These traits, and a strong work ethic, have led to the successful sale of over $1 billion in closed real estate transactions. Never before has it been more apparent that commitment to service and market expertise are needed than throughout the recent economic downturn. The NLIS’ reputation for integrity, proven track record and commitment to detail are what set the group apart and make it an industry leader. For more information about Cassidy Turley BRE Commercial, please visit www.brecommercial.com.
About The Altemus Company
Established in 1946, The Altemus Company is a boutique real estate brokerage firm with a well established quality reputation specializing in leasing, sub-leasing, investment sales, owner-user sales, and property management of Commercial and Industrial Properties. The company primarily specializes in and around the Westside of Los Angeles in the submarkets of Santa Monica, Culver City, Venice, Marina Del Rey, Play Del Rey, LAX area and portions of the South Bay, including El Segundo. Over the last 65 years, The Altemus Company has represented Clients such as BMW North America, Plummer’s Furniture, Westwood One, Sports Club LA, Sony Pictures, Z-Gallerie, The Getty Museum, to name a few. In addition, The Altemus Company was one of the founding members of the A.I.R. Commercial Real Estate Association which is one of the industry’s primary trade organizations. For more information about The Altemus Company, please visit www.altemuscompany.com.