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Santa Clarita Single-Tenant Buyer Enjoys a Lot of Goodwill

6/27/12

A 21.6k sf, single-tenant property in Santa Clarita occupied by Goodwill of Southern California (GSC) sold for $4.51 mil ($209/sf). The property, which was renovated in 2011, is situated on 1.08 acres at 18901 Soledad Canyon Rd, midway between Whites Canyon Rd and Sierra Hwy.

The seller, Paragon Commercial Group from El Segundo, was represented by Donald MacLellan and Christopher Tramontano of Faris Lee Investments, along with Adam Fisher at Centerra Retail Group, who provided the local leasing market expertise. The buyer was 11730 Ventura Blvd LLC, a private 1031 exchange buyer from Ventura, who was repped by Illi Commercial Real Estate. The closing cap rate was 7 percent, which according to CoStar is the lowest cap rate for a Goodwill-occupied property in California for the past seven years.

“Faris Lee positioned the proven strength of the tenant, the long-term lease and opening success of the store as our marketing strategy,” said Tramontano. “There was significant offer activity and we sold the asset at very close to the asking price and at a record-breaking low cap rate.”

Since 1916, Goodwill of Southern California has enhanced the quality of life for those with disabilities or other vocational disadvantages by assisting them in becoming productive and self-sufficient through education, training and job opportunities. GSC has over 138 retail operations including 70 retail stores, 42 attended donation centers, three campuses and 24 service locations in Los Angeles, Riverside and San Bernardino counties.

“A single tenant property such as this often goes unnoticed by investors because of the non-profit nature of the tenant,” said MacLellan. “However, Goodwill stores have historically been very successful and the challenge in our marketing outreach was educating potential buyers about the historical stability as well as the success of the other stores in the immediate market area. This Goodwill store opened in January 2012 and had one of the most successful store openings in its Southern California chain.”

Paragon successfully renovated the property for Goodwill, which included a new façade, new roof and HVAC, and enhanced common areas and landscaping. The store is located along the main east/west retail corridor in Santa Clarita on Soledad Canyon Road (53,100 vehicles per day). The property benefits from excellent frontage and visibility along Soledad Canyon Road, and features a full building glass storefront. There are over 26,000 consumers within a one-mile radius.







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