A 1.25-acre retail property in North Long Beach leased to a Dollar Tree was sold by Ramser Development Company, the company announced today.
The sale of the property, located at 5117 Atlantic Ave., represents a strategic move for Ramser Development, as the company plans to reallocate the proceeds into one or more facilities in its core business of RV and boat storage, self-storage and industrial outdoor storage, according to a statement.
“Ramser Development Company is focused on growing its portfolio of core assets in 2023,” said Scott Ramser, founder and chief executive officer of Ramser Development Company in a statement. “While we are pleased with the performance of the Long Beach retail investment, our firm is looking to redeploy the capital from this sale into our primary investment strategy.”
Ramser Development acquired 5117 Atlantic Ave. in 2019 as part of a 1031 exchange, which is when an investment property is sold in order to purchase another.
The infill property was built in 1955 and renovated in 2016 and consists of two free-standing buildings totaling 21,779 rentable square feet, along with 51 parking spaces.
Phil Ramming of Faris Lee represented Ramser Development in the sale transaction, while the buyer, a private investor, was represented by Mark Repstad of Southland Commercial Real Estate.
“2022 was a fascinating and chaotic year for commercial real estate, and a pivotal time for Ramser Development where we took several measures to sharpen our business approach and improve overall operations,” added Ramser. “As market conditions shift and opportunities arise in 2023, the company is well-positioned to execute on new potential investments.”