Charles Dunn Company, one of the largest full-service regional real estate firms in the western United States, announced that it has completed the $2,125,000 all-cash sale of a single-tenant, 9,309-square-foot retail property occupied by Jack in the Box in Culver City.
Located at 5400 Sepulveda Blvd., Jack in the Box has been a tenant since the property was built in 1963 and was one of the first Jack in the Box restaurants to open in California.
Justin Mendelson and Ashley Saye of Charles Dunn Company represented the seller, a partnership of two family trusts and two charitable organizations. Jack in the Box, Inc. a Delaware Corporation, exercised its right of first refusal after Charles Dunn sourced the original buyer. The close of escrow occurred in just ten days.
"This is the first time the property has been available for purchase since 1963," said Mendelson. "Jack in the Box exercised its right of first refusal to acquire this asset at near the original asking price. Jack in the Box does not typically elect to purchase a store unless the location is irreplaceable and the sales are extremely strong, which was likely the case for this particular restaurant."
"Ideally situated at the hard corner, signalized intersection of Sawtelle and Sepulveda Boulevards, this free-standing property is within one of the most highly coveted locations for retail investment in all of Los Angeles," noted Saye.
"It is in the heart of a busy retail corridor and is within a submarket of Los Angeles that has experienced new development over recent years."
Charles Dunn Company has been active in sales within the single-tenant net lease sector throughout Los Angeles and recently completed the sale of another well-located national quick service restaurant property nearby.
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