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7/26/16
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A 20-year, ground lease property in La Puente, currently occupied by discount grocer ALDI, sold for $6.15 mil. The property, located at 1545 and 1559 N. Hacienda Blvd, is a brand-new ALDI grocery store on a 1.5-acre lot and situated in a primary retail corridor, with neighboring tenants including Ross, McDonald’s and Dollar Tree.
CBRE’s Alex Kozakov and Patrick Wade represented the seller, national real estate development and investment firm Frontier Development LLC. Treeline Realty represented the buyer, an unidentified private local investor.
“This is an ideal site for a grocer like ALDI, one of the fastest-growing supermarket chains in the U.S.,” said Kozakov. “It’s in a dense infill, high-barriers-to-entry location with an excellent tenant – making it a secure investment, which is why we received almost a dozen offers and such an aggressive cap rate.”
The ALDI property sits within a three-mile radius of more than 225,000 people with an average household income of more than $72,000. ALDI serves more than 25 million shoppers a month and is expected to open 650 new stores by 2018. The grocer is one of the leading global discount supermarket chains with almost 10,000 stores in 18 countries and nearly 1,400 stores in the United States.
“Discount grocers and stores have been doing very well in high-density areas such as LA County,” said Wade. “An increasing number of investors have been drawn to this type of property in strategic locations as it presents a good and stable yield alternative.”
ALDI Nord is owner of the Trader Joe’s chain, while ALDI Süd operates as “ALDI”. Though already in the central and eastern portions of the U.S., Aldi Süd announced in early 2015 its plans to expand into the Southern California market.
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