Ramser Development sells 21.8K sf shopping center in Long Beach

Ramser Development has traded a 21,800-square-foot shopping center leased to Dollar Tree and Family Dollar stores in North Long Beach. The Newport Beach-based real estate firm sold the 1.25-acre property at 5117 Atlantic Avenue for an undisclosed sum, the Los Angeles Business Journal reported. The buyer, a private investor, was not disclosed.

Ramser Development sells 21.8K sf shopping center in Long Beach

Link to Original Article

Ramser Development has traded a 21,800-square-foot shopping center leased to Dollar Tree and Family Dollar stores in North Long Beach.

The Newport Beach-based real estate firm sold the 1.25-acre property at 5117 Atlantic Avenue for an undisclosed sum, the Los Angeles Business Journal reported. The buyer, a private investor, was not disclosed.

Ramser plans to reallocate the proceeds into one or more of its recreational vehicle and boat storage facilities, according to a company statement.

Broker Phil Ramming of Faris Lee represented Ramser Development in the deal. The buyer was represented by Mark Repstad of Southland Commercial Real Estate.

Ramser Development bought the property 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 retail center, built in 1955 and renovated in 2016, has two free-standing buildings and parking for 51 cars.

Ramser Development owns more than 1.5 million square feet of rentable RV and boat storage property, plus more than 6,200 indoor and outdoor storage spaces. It’s looking to expand into the Sunbelt, Mountain West and the Pacific Northwest.

The firm is led by Scott Ramser, who founded it with his grandfather, Harold, in 1986 to develop industrial buildings in Downtown Los Angeles for the garment industry. The company entered the storage sector in 1995, according to its website.

Its portfolio includes a 1,200-space facility in Irvine at Orange County’s Great Park, which opened in February last year and is now 50-percent leased, growing at 76 move-ins per month. 

Share:

Related Posts

Ramser Development Secures Two Outdoor Industrial Storage Tenants at Florida Marquee Facility

Ramser Development Secures Two Outdoor Industrial Storage Tenants at Florida Marquee Facility

Ramser Development Company, a multi-generational, vertically integrated developer and operator of recreational vehicle (RV) and boat storage, self-storage and industrial outdoor…
Ramser Strategy Strengthens With Sale of Long Beach Property

Ramser Strategy Strengthens With Sale of Long Beach Property

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…
Ramser Development Company Secures Two Major Industrial Storage Tenants in Altamonte Springs, FL

Ramser Development Company Secures Two Major Industrial Storage Tenants in Altamonte Springs, FL

Ramser Development Company has secured two new tenants at RV Storage Depot. Located in Altamonte Springs, RV Storage Depot is a premier 55-acre recreational vehicle and boat…
Ramser Development Company Q2 Newsletter: The Real Estate Food Chain: Lessons from the Office Sector Debacle

Ramser Development Company Q2 Newsletter: The Real Estate Food Chain: Lessons from the Office Sector Debacle

The U.S. office sector has been dominating the headlines recently, but not for the right reasons. The industry is grappling with operational and financial stress due to the…
Self-Storage Real Estate Acquisitions and Sales: December 2021

Self-Storage Real Estate Acquisitions and Sales: December 2021

Self-storage properties are constantly changing hands, and Inside Self-Storage is regularly notified of these market transactions. Here’s an overview of activity happening in…
Christmas 2023

Christmas 2023

In this festive season of joy and of light, Ramser Development shines, thanks to your sight. To investors and brokers, partners, providers of service, Your support frames our…