We closed escrow on the purchase of this property on September 25, 2012. This purchase took the form of us buying the note that was secured by this property and then getting a “deed in lieu” from the former owner.
Per the flyer, this is a 30,000 SF building that has excellent visibility on Jefferson Blvd. This is currently essentially an industrial building with retail exposure that will be converted to being more of a retail building.
The building will continue to be occupied by Royal Sleep Company who is the former owner on a month-to-month basis. We will be marketing the building and terminating their lease for all or a portion of the building once we lease it at Fair Market Value rent to another tenant.