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LOS ANGELES COUNTY NEWS
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Private Investor Buys Net-Leased Asset in Palmdale

11/09/17

A 24.7k sf, single-tenant net-leased retail property occupied by Harbor Freight Tools in the northern LA County city of Palmdale has sold for $2.65 mil ($107/sf). The property is located at 2101 East Palmdale Blvd, east of Hwy 14.

Built in 1957 and recently renovated, the building sits on a 1.24-acre site located at the signalized intersection of Palmdale Blvd and 20th Street East, both major thoroughfares. Harbor Freight Tools has over 11 years remaining on the primary lease term with 10% rental increases and multiple five-year options.

Founded in 1977, Harbor Freight Tools is the leading discount tool retailer in the U.S. selling great quality tools at "ridiculously low prices" in over 800+ stores nationwide and on its website www.harborfreight.com. Harbor Freight Tools stocks over 7,000 items in categories including automotive, air and power tools, shop equipment and hand tools.

The buyer, a private investor from Newport Beach, was represented by Mehran Foroughi of Colliers International. The seller, Sage Investco, also from Newport Beach, was repped by Jeremy McChesney with Hanley Investment Group Real Estate Advisors.

“This single-tenant net-leased investment offers minimal landlord maintenance responsibilities,” McChesney said. “Harbor Freight Tool has shown a strong commitment to the site recently investing over $750,000 in tenant improvements dollars.”

According to McChesney, Harbor Freight Tools has over 11 years remaining on the primary lease term with 10 percent rental increases and multiple five-year options.






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