A shopping center in Pleasant Hills, California, was recently sold for a whopping $5.3 million. A private investor purchased the center, which features three stores, including a Starbucks. The purchase of such buildings, where small businesses can take advantage of commercial leases, can help to stimulate local economies throughout the state, including in Los Angeles.
Besides Starbucks, stores that have called the shopping center their home include a Pier 1 Imports, a Party City, a T-Mobile and an Aspen Dental. However, Starbucks really drove the re-development of this site, which took 14 months to complete after the property was purchased in June of 2016. Starbucks had been searching for an area to locate in the Pleasant Hills area for about three years before purchasing the shopping center.
At the time of its 2016 purchase, the property was bought for just $1.5 million. The private real estate investor who just bought the property for $5.3 million had sold a California vineyard to buy the center. The center is now bringing brand-new retailers to the local area in addition to allowing old ones, such as Aspen Dental, to remain there.
Purchasing commercial real estate properties in Los Angeles and other parts of California can be exciting, and the properties often generate regular income for their investors. The community also benefits from these purchases, as they prevent vacant buildings from becoming eyesores. However, navigating a commercial real estate deal can be a challenge, and commercial leases need to be reviewed and negotiated before being signed. An attorney can provide the necessary guidance with all of these types of transactions so that one's goals can ultimately be achieved in the Golden State.
Source: triblive.com, "Pleasant Hills shopping center sold to California real estate investor", Stephanie Hacke, Oct. 22, 2017