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6/01/12
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A 53.8k sf retail property in Lancaster sold for about $6.4 mil ($119/sf). The property is located at the Lancaster Plaza, at 1006, 1022, 1030, 1060 E Ave J, east of the 14 Fwy. The buyer was 2429 Danalda and Kab Plaza LLC.
“This shopping center, which was over 82% occupied, provided an investor excellent cash flow while offering the opportunity to benefit from future upside by leasing up the vacant space,” said Fariba Kavian of NAI Capital. Kavian represented the seller, LNR Properties.
The property is located in the heart of the Lancaster Marketplace and consists of three separate buildings that make up a 53.8k sf portion of a 108.9k sf center shadow-anchored by Superior Grocers, one of the largest independently-owned chains of grocery stores in Southern California, and US Bank. Other tenants in the center include nationally recognized and credit worthy chains such as 99¢ Only, Little Caesars Pizza, Jackson Hewitt, Allstate Insurance and Subway.
The center enjoys excellent visibility and serves the densely populated east Lancaster community. Located at the signalized intersection of 10th St. E and Ave J, it benefits from traffic counts of approximately 38,000 vehicles per day. The center is about three miles east of the Antelope Valley Fwy and also includes direct access to a bus line and a dedicated turn lane.
Lancaster, the eighth-largest city in Los Angeles County, is located approximately 70 miles north of the city of Los Angeles in the Antelope Valley. Lancaster has also seen a large growth in business over the past decade, with the establishment of large distribution centers for national companies such as Rite Aid, Michaels and Sygma, as well as smaller local businesses and national restaurant chains.
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