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3/29/19
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Real estate investment trust Ares Commercial Real Estate Corp bought a 10.4k sf retail property in Lancaster in a recent $5.12 mil ($492/sf) transaction. Located at 43545 10th St W, the property is currently leased to three national credit tenants -- Applebee's, Yogurtland, and Pacific Dental.
Alan Krueger and Vanessa Haddad of CBRE represented the undisclosed private seller. The team procured the offer within 10 days of initially marketing the asset for sale.
“The asset sits on a hard corner of the town's ‘main & main’ power center retail hub,” said Haddad. “Strategically located retail properties that feature online-resistant tenants continue to be popular with buyers looking for safe, income-producing investments.”
The Los Angeles retail sector is continuing its strength, buoyed by a wide spectrum of retail tenants, which propelled leasing activity in the fourth quarter, resulting in 150.6k sf of positive net absorption, according to CBRE research. Retail centers, boasting ecommerce-resistant, experiential offerings, including food, fitness and entertainment, have continued to perform well.
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