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LOS ANGELES COUNTY NEWS
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Private Investors Spend $27 Mil in Two SoCal Shopping Center Buys

4/02/15

Two SoCal shopping centers traded hands in separate transactions that totaled nearly $27 mil. The properties, Vineyard Plaza in Oxnard and Palmdale Promenade in Palmdale, demonstrate investors' continued appetite for well-located value-add opportunities.

Vineyard Plaza
Vineyard Plaza
In Oxnard, an LA-based investor paid $17.6 mil for Vineyard Plaza, a 64.4k sf ($273/sf) center on 5.47 acres. Built in 1988 and remodeled in 2004, the property is located on Pacific Coast Highway at 2311-2385 North Oxnard Blvd.

Tenants include Big 5 Sporting Goods, US Bank, Carl's Jr. (NAP, not a part of the sale), Circle K, US Armed Forces, H&R Block, State Farm and Waba Grill. The center was 85% occupied at the time of the sale.

The 1031 exchange buyer, 23560 Crenshaw LLC, was rpped by Nick Borrelli of Coldwell Banker Commercial NRT in Arcadia. Hanley Investment Group's President Ed Hanley, Executive Vice President Bill Asher and Senior Vice President Kevin Fryman represented the seller in the deal.

According to Fryman, the listing generated multiple qualified offers based on the quality of the location and future upside the property presented, with 15% vacancy and various short term leases at below market rates.

In the Palmdale transaction, Palmdale Promenade, a 96.4k sf shopping center located at 412-442 W. Rancho Vista Blvd, sold for $9.27 mil ($96/sf). Palmdale Promenade is anchored by Home Depot (NAP), Burlington Coat Factory (NAP), and 99 Cents Only Stores. Other national tenants include HomeTown Buffet, Leslie’s Pool Supplies, Payless ShoeSource and Subway.

Built in 1991, the center is situated on 5.52 acres and was 82% occupied at the time of the sale. Both the buyer and seller were private investors from the Los Angeles area.

Hanley and Asher represented the buyer and seller in the deal.

“Palmdale Promenade and Vineyard Plaza represent prime examples of shopping centers offering approximately 150-200 basis points higher in yield compared to a traditional grocery-anchored center in a core location. Non-institutional buyers typically can’t compete when pursuing a Whole Foods or Trader Joe’s anchored center," Asher noted.

"Properties like Palmdale and Oxnard have become attractive alternatives for private investors seeking better returns outside Los Angeles proper with non-traditional grocery anchors or no major anchors at all,” Fryman added.






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