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3/03/23
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An 11.8k sf, multi-tenant retail property in Palmdale sold for $5.4 mil ($458/sf). The property, situated on .87 acres at 39178 10th Street W, is 100% occupied by six tenants including Jenny Craig and Verizon.
The property is a portion of Palmdale Marketplace, a 450k sf power center anchored by Target, Lowe’s Home Improvement, and Sprouts, among other tenants. This asset is part of a $40 mil break-up strategy with one remaining parcel currently on the market. 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.
Matthew Mousavi and Patrick Luther with SRS Real Estate Partners’ National Net Lease Group represented the seller, a Texas- based owner and operator of retail properties nationally, as well as the buyer, a private investor. According to Mousavi, in a span of less than eight months, they’ve sold five retail pads with a total value of approximately $18.2 mil.
There is one remaining property available within Palmdale Marketplace. The 58.7k sf asset is currently on the market for $16.317 mil and is fully occupied by Smart & Final, Barnes & Noble Booksellers and Blue Sky Utility (Solar Panels). The sold assets include sites occupied by Jamba Juice; Five Guys and Café Rio; O’Reilly Auto Parts, and IHOP.
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