News release

Single-tenant retail pad in Southern California trades for $4.725M

JLL Capital Markets completed the sale of the newly developed, net-leased outparcel building

December 15, 2021

Kristen Murphy

Capital Markets, Hotels & Hospitality and Value & Risk Advisory PR
+1 617 848 1572

NEWPORT BEACH, CALIF. - December 15, 2021 – JLL Capital Markets announced today that it has closed the $4.725  million sale of a newly developed, single-tenant retail pad totaling 4,068 square feet at Sierra Shopping Center that is net-leased to a credit-worthy tenant in the Los Angeles County community of Baldwin Park, California.

JLL marketed the property on behalf of the seller, Paragon Commercial Group. A private buyer acquired the asset.

The retail property is an outparcel to Sierra Shopping Center and is situated on .937 acres at 13602 Francisquito Ave. in Baldwin Park, a community 20 minutes from downtown Los Angeles and in the heart of the San Gabriel Valley. This location, which is in a strong retail corridor along Francisquito Avenue, provides visibility to the more than 49,000 vehicles passing by each day, and the retail center is in a dense, infill location that serves more than 239,703 residents earning an average annual household income of $80,425 within a three-mile radius.

Fronting a high-profile shopping center anchored by Target and Food 4 Less, 13602 Francisquito Ave. is home to Raising Cane’s Restaurant, LLC, ranked as one of the best and most profitable restaurants in the quick service industry. This credit-worthy, best-in-class, essential retailer operates on a 15-year triple-net lease in the building, which was completed in 2020.

The JLL Retail Capital Markets team representing the seller was led by Director Adam Friedlander.

“Best-in-class, high profile, fast food restaurants continue to remain in high demand in a post pandemic environment,” said Friedlander. “Investors are attracted to the corporate signatures, long lease terms, minimal to no landlord obligations, scheduled rental increases every 5 years and the buildings being equipped with a drive-thru. Quick service restaurants have become a great option for 1031 exchange buyers active in the market, especially those trading out of a different product type such as multi-family or office. Through our marketing efforts we were able to procure 13 qualified offers and eventually selected a local 1031 exchange Buyer who closed on the purchase all cash.”

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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Jones Lang LaSalle Americas, Inc. ("JLL") is a real estate broker licensed with the California Department of Real Estate, license #01223413.   

About JLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 95,000 as of September 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit

About Paragon Commercial Group

Paragon Commercial Group was strategically formed by an institutional team of retail executives to capitalize on opportunistic investment into value-add acquisition and tenant-driven development opportunities.