The Newport Beach, CA-based commercial real estate investment company paid roughly $140 per sf for a five-year-old structure occupied by Best Buy at 4001 W. 29th Ave. The tenant has 15 years remaining on its lease.
It appears this is an initial foray into South Florida for a California company that owns more than a 5% interest in the publicly traded Tejon Ranch Co. Tejon owns 270,000 acres of contiguous undeveloped land about 60 miles north of Los Angeles.
Sherman took an interest in the Hialeah property when Marc Strauss of Marcus & Millichap's national retail group identified the site as a possible acquisition target.
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