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6/01/18
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A newly constructed, single-tenant, 55k sf retail building fully occupied by Hobby Lobby in Palmdale sold for $10.15 mil, or $185/sf. The NNN-leased asset is located within the Destination 0-Eight Power Center and is co-anchored by Walmart Supercenter, Sam’s Club and Kohl’s.
Built in 2017, Hobby Lobby, the largest privately owned arts and crafts retailer in the world, opened its doors at this Palmdale location in August 2017. The asset is situated on 4.09 acres at 40022 10th Street W in the heart of the Antelope Valley, along 10th Street W. and W Avenue 08, just off of I-14. The center is within a busy regional retail corridor and is adjacent to a Walmart Supercenter, Sam’s Club, Kohl’s, Office Depot, Jo-Ann Fabric, Dollar Tree, and Planet Fitness. Additionally, the Antelope Valley Mall, which totals more than 1.1 msf, is located directly across Interstate 14.
Jeff Conover and Christopher DePierro of Faris Lee Investments represented the SoCal-based seller, HFC/PRP Palmdale LLC, which was also the developer for a portion of the Destination 0-Eight Power Center. In addition, Conover and DePierro repped the buyer, Valuerock Investments Partners LLC. The transaction closed at a cap rate of 6.22 percent.
“New construction single-tenant properties featuring successful national brand name tenants with new long-term leases are few and far between in the greater Los Angeles region,” said Conover. “The buyer has secured a stable, cash-flowing and low maintenance asset that is poised to see continued value creation as the local market only sees signs of upward growth.”
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