See All Of My Listings Here

Monday, January 17, 2011

Just Sold 8975 Rochester Ave. Rancho Cucamonga

8975 Rochester Rancho Cucamonga was owned by my good friends the Haiman Family. For many years they ran their business Kustom Trailers out of this property. The propetry consists of a 5,500 square foot metal building on 1.8 acres of land. The propetry fronts the 15 freeway, but is well below grade level. In 2009 I assisted the Haiman's with a Lamar sign company electronic billboard lease on the property. The lease actually put into place an easement on the property. Lamar originally wanted to buy the lease outright for a $430,000 lump sum payment but that would have triggered the Haiman's due on sale clause with their SBA loan, so a 50 year lease was arranged with $3,600 a month payments. After marketing the property for over 12 months with no serious offers, Alex Garcia of Marcus & Millichap brought in an offer from a group hoping to open a recycling yard on the property. A deal was struck and after several months of greif getting their approvals from the City they were able to close on December 15th. They paid $995,000 for the real estate and $415,000 for the rights to the sign lease for a total deal price of $1,410,000. I wish Dan and the rest of the Haiman's the best of luck in whatever endeavour they now choose to pursue.

1 comment:

  1. Gr8!
    We too have some similar properties in india to sale.
    We also deals in real estate properties in india.