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9/12/17
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A 1031 exchange investor paid $12.55 mil for a 24.9k sf ($504/sf), single-tenant, NNN-leased Sprouts Farmers Market store in the Los Angeles-area city of Whittier. The asset was sold free and clear of existing debt.
Completed in 2013, the property is fully leased by Sprouts Farmers Market, one of the nation’s leading grocers, on a NNN-lease basis through 2028. The grocery store is situated on 3.4 acres at 15801 East Whittier Blvd, in a major retail trade area with daily traffic counts exceeding 37,000 on Whittier Blvd and Santa Gertrudes Ave. More than 170,000 residents earning an average annual household income of almost $105,000 live within a three-mile radius of the property.
The HFF team marketed the property on behalf of the seller, CVK Street, LLC. A private, 1031 exchange investor purchased the asset free and clear of existing debt. Additionally, working on behalf of the new owner, the HFF team arranged the 10-year, fixed-rate, interest-only loan with a CMBS lender.
The buyer financed the purchase with $7.05 mil in acquisition money arranged by Greg Brown with HFF. The 10-year, fixed-rate, interest-only loan was funded through a CMBS lender. Gleb Lvovich and Nicholas Foster, also with HFF, represented the seller in the transaction.
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