JLL Arranges $4.3 Million Sale of Retail Building in Long Beach, California
LONG BEACH, CALIF. — JLL Capital Markets has arranged the $4.5 million sale of a newly constructed, 1,839-square-foot retail building at 5865 E. Spring St. that is triple-net leased to The Coffee Bean & Tea Leaf in Long Beach.
Adam Friedlander of JLL marketed the property on behalf of the seller, Pacific West Property Group Inc. An undisclosed private investor acquired the property in an all-cash transaction as part of a 1031 exchange. Alan Wong of DAAG Developments acted as the buyer’s consultant.
Situated 20 miles south of downtown Los Angeles, The Coffee Bean & Tea Leaf was constructed in 2020 and features a drive-thru along with an outdoor patio that can accommodate up to 90 customers.