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5/06/21
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Eagle Plaza, a 39.9k sf, retail property in Hesperia, was purchased by a Texas-based private buyer for $5.45 mil ($137/sf). It was sold by a local private investor.
The property, located at 15776 Main St, features five different tenants, including a donut shop, laundromat, and a sandwich store, which have occupied the property since it opened in 1989. The remaining two tenants are government-funded school district operations.
Alan Krueger and Vanessa Haddad with CBRE represented the seller in the deal. The listing generated 11 offers.
“The asset’s most challenging feature was that one of the tenants occupied more than 51 percent of the property, with a lease coming due in less than a year,” noted Haddad. “All the tenants were able to remain open and pay full rent throughout this past year, which made the buyer feel comfortable with this purchase.”
About one year following the pandemic’s onset, the Greater Los Angeles retail market exhibited an all-time high total vacancy of 6.6% at quarter close, according to CBRE research. Overall retail sales, reflective of brick-and-mortar performance, declined even as non-store retail sales rose over 25% since February 2020; For traditional retail, however, Los Angeles has bright spots evident in elevated demand for freestanding product spurred by the profitability and expansion of drive-through operators and the ongoing supply chain investment necessary to sustain ecommerce, buy-online-pickup-in-store models and the evolving relationship between logistical industrial and retail product types.
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