LEE & ASSOCIATES COMPLETES RETAIL SALE IN SANTA MARIA

LEE & ASSOCIATES COMPLETES RETAIL SALE IN SANTA MARIA

David’s Bridal, one of the world’s largest bridal retailers, will remain in location SANTA MARIA, Calif. —Aug. 6, 2012—Lee & Associates, one of the largest national commercial brokerage firms, has recently completed the sale of a David’s Bridal in Santa Maria, Calif. The 4,780-square-foot building is located at 227 E. Betteravia Road. The details of the transaction were not disclosed. Steve Leider, president of the Lee & Associates Central Coast office represented the seller, Paragon Commercial Group. The buyer, a private investor, was represented by Lee & Associates – San Diego. A signature outparcel located at the entrance to a busy Target anchored shopping center, the building is occupied by David’s Bridal, the largest and fastest growing bridal retailer in the world. In addition, the freestanding building has excellent visibility and a brand new, 10-year, triple-net lease. "We are seeing a lot of investors gravitating towards triple-net leases right now," said Leider. "With the limited number of these types of leases available in the region and because the building offers a great opportunity for investors, we received multiple offers, but were able to effectively coordinate an all-cash buyer." Leider also originally leased the building to David’s Bridal on behalf of Paragon Commercial Group in October 2011.