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7/18/18
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A 27.3k sf Smart & Final Extra! in Highland sold for $9.475 mil, or $344/sf. The deal closed at a cap rate of 5.4%.
The property, located at 27550 Base Line St, is a freestanding single-tenant general retail supermarket constructed in 2017. The project sits on a 2.9-acre lot, centrally located on a corner lot less than 1/4 mile from I-210 Fwy.
At the time of sale the property was 100% leased to Smart & Final Stores LLC, operator of chain warehouse grocery stores in the United States and Mexico. The company is headquartered in the City of Commerce.
Dave Maron with NAI Capital’s Pasadena office represented the buyer, OD Property LLC, in the transaction. According to Maron, the property is a brand new building with a credit tenant on a corporate-guaranteed, 20-year lease with 7.5% rental increases every five years in both the primary term and the four, five-year renewal options.
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