1 E. Hellman is located in Alhambra, CA at the signalized intersection of Garfield Avenue and Hellman Avenue. The property is located at the exit/entrance to the 10 freeway, which features traffic counts of 214,000 cars per day at Garfield Avenue. The property also features close proximity to a number of medical campuses, including a brand new medical development currently under construction directly across from the subject property.
OneV Capital acquired this property and the team secured a new lease for the remaining vacancy during escrow. Circle K, the anchor tenant of the property, had rent that was well-below market rent. In the event of a lease renewal, the OneV team will be able to add significant value to the property. Until then, the team plans to hold the property and enjoy ownership in the highly desirable city of Alhambra.
The Sale & Return
In early 2023, the team elected the post the property for sale. The team ultimately selected a strong local Buyer who had an interest in also purchasing the Circle K Business.
Ultimately, the property closed at a 4.44% cap rate and a price/SF above $500/SF. The sale represented a return of invested capital plus nearly 50% to investors.