A 1.25-acre retail property in Long Beach fully leased to Dollar Tree and Family Dollar Inc. has sold for an undisclosed amount.
The transaction represents a strategic move for seller Ramser Development Co. as the company plans to reallocate the proceeds into one or more of its recreational vehicle and boat storage facilities, according to a company statement.
Phil Ramming of Faris Lee represented Ramser Development in the transaction, while the buyer, a private investor, was represented by Mark Repstad of Southland Commercial Real Estate.
“Ramser Development Company is focused on growing its portfolio of core assets in 2023,” Scott Ramser, founder and chief executive officer of Ramser Development Co., said 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 the property — located at 5117 Atlantic Ave. — in 2019 as part of a 1031 exchange, in which the buyer sells a similar property and defers capital gains taxes with the purchase. The infill property, which was built in 1955 and renovated in 2016, consists of two free-standing buildings totaling 21,779 rentable square feet plus 51 parking spaces. The buildings are positioned along Atlantic Avenue, a primary retail corridor through central Long Beach, and is accessible to a population of more than 680,000 people within a 5-mile radius, according to Ramser.
Dollar Tree and Family Dollar are national credit tenants.
“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,” said Ramser. “As market conditions shift and opportunities arise in 2023, the company is well positioned to execute on new potential investments.”
Ramser Development’s established portfolio includes more than 1.5 million rentable square feet of recreational vehicle and boat storage property and over 6,200 indoor and outdoor storage spaces. The firm is aggressively pursuing new indoor and outdoor recreational vehicle and boat storage investment opportunities in select locations throughout the Sunbelt, Mountain West and Pacific Northwest regions of the U.S.
Ramser Development’s portfolio includes a 1,200-space facility in Irvine at Orange County’s Great Park. The project opened in February of last year and has been leasing at the rate of 76 move-ins per month. Currently at 50% occupancy, Ramser Development anticipates the asset to stabilize later this year. The company’s Altamonte Springs, Florida, RV storage depot, the largest recreational vehicle and boat storage facility in the U.S., continues to overperform and is nearing construction completion on 14 acres of expansion land within the site.
