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RETAIL NEWS
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Exchange Investor Spends $500/sf for Sprouts Market in Whittier

9/12/17

A 1031 exchange investor paid $12.55 mil for a 24.9k sf ($504/sf), single-tenant, NNN-leased Sprouts Farmers Market store in the Los Angeles-area city of Whittier. The asset was sold free and clear of existing debt.

Photo: Patrick Tang
Photo: Patrick Tang
Completed in 2013, the property is fully leased by Sprouts Farmers Market, one of the nation’s leading grocers, on a NNN-lease basis through 2028. The grocery store is situated on 3.4 acres at 15801 East Whittier Blvd, in a major retail trade area with daily traffic counts exceeding 37,000 on Whittier Blvd and Santa Gertrudes Ave. More than 170,000 residents earning an average annual household income of almost $105,000 live within a three-mile radius of the property.

The HFF team marketed the property on behalf of the seller, CVK Street, LLC. A private, 1031 exchange investor purchased the asset free and clear of existing debt. Additionally, working on behalf of the new owner, the HFF team arranged the 10-year, fixed-rate, interest-only loan with a CMBS lender.

The buyer financed the purchase with $7.05 mil in acquisition money arranged by Greg Brown with HFF. The 10-year, fixed-rate, interest-only loan was funded through a CMBS lender. Gleb Lvovich and Nicholas Foster, also with HFF, represented the seller in the transaction.






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