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8/16/22
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Three retail properties that are outparcels to Palmdale Marketplace in Palmdale were sold in separate transactions totaling $10.2 mil. Located at 39340 10th Street W, Palmdale Marketplace is a 214k sf power center anchored by Target, Lowe’s Home Improvement, and Sprouts, among others.
Palmdale Marketplace is well-located in a dense submarket of Los Angeles and is near the on/off ramp of State Highway 138 and 14. Following is information on the three sold assets:
• A 6k sf property fully occupied by Jamba Juice, Baskin Robbins and Harbour Sushi sold for $4.3 mil ($717/sf). Built in 2001 and situated on .82 acres, the asset was acquired by a private investor who paid all-cash.
• A 4.9k sf property fully occupied by Five Guys and Café Rio sold for $3.375 mil ($689/sf). Built in 2001 and situated on 1.15 acres, the asset was purchased by the same buyer that acquired the Jamba Juice, Baskin Robbins and Harbour Sushi property.
• A 4k sf single-tenant property occupied by IHOP traded for $2.514 mil ($629/sf). Built in 2002, the property is situated on .7 acres and was sold to IHOP corporate as an owner/user.
The remaining three properties that are being sold as part of the break-up strategy and are currently on the market and include: Vitamin Shoppe, O’Reilly and Shops at Palmdale Marketplace.
Matthew Mousavi and Patrick Luther with SRS Real Estate Partners’ National Net Lease Group represented the buyers as well as the seller, a Texas-based owner and operator of retail properties nationally.
“These three properties within Palmdale Marketplace are high-profile locations with a stellar line up of necessity and service-based tenants, and are part of a six-asset break-up strategy SRS is conducting on behalf of our seller client,” said Mousavi. “Once the remaining three assets are sold, the total value will be approximately $24 mil. Breaking up the parcels and selling separately enables our client to maximize value by creating a larger buyer pool looking for a smaller price point as opposed to a single buyer acquiring as a portfolio.”
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