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8/19/15
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Acquisition Group Inc purchased a 22.8k sf Sprouts Farmers Market in the SoCal city of Claremont for over $12 mil ($526/sf). As part of the transaction, the buyer paid a prepayment penalty of approximately $600K to the pay off the existing loan on the property, which was at an above market interest rate, in order to obtain better financing.
The single-story building is situated on 1.92 acres of land at 835 W. Foothill Blvd, at the corner of W. Foothill Blvd and Mountain Ave. The concrete tilt-up building was constructed in 1962 and was completely renovated in 2007.
The single-tenant, net-leased property was 100% leased to Sprouts Farmers Market at time of the sale. The Sprouts Farmers Market center is also co-anchored by a brand new Chase Bank branch.
NAI Capital Senior Vice President Fariba Kavian represented the seller, HCLARE LLC, in the transaction.
The area boasts excellent demographics of over 17,020 people within a 1-mile radius with an affluent average household income of over $90,000 per year. The five-mile population shows 332,272 people with an average household income of over $77,000. The property is close to the Claremont Colleges, which are only a little over one mile east from this location with approximately 6,300 students, about 700 faculty, and 1600 staff and support personnel.
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