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6/22/18
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Walnut Town & Country, a 22.3k sf multi-tenant retail center in the OC city of Walnut, sold for $10.75 mil ($482/sf). The center is 95% occupied and includes Jack in the Box, Subway, Wing Stop, Lollicup and Mathnasium.
Built in 1988 and situated on 1.27 acres at 1205-1243 North Grand Ave, the property is located at the signalized intersection of Amar Rd and Grand Ave, which sees more than 67,000 vehicles per day. The property is not only across the street from Mt. SAC, it is also near Cal Poly Pomona which combined has in excess of 61,000 college students. Other area retailers which contribute to a strong customer draw to the local area and Walnut Town & Country include Stater Bros, Kohl’s, Bed Bath & Beyond, Michael’s, and CVS, among others.
Shaun Riley of Faris Lee Investments represented the seller, an Oregon-based family trust, as well as the buyer, a Northern California-based family trust. Per CoStar records, at a 5.3% cap rate, this transaction closed with the lowest cap rate achieved for a San Gabriel Valley multi-tenant center over $10 mil since 2014.
“This was the first time Walnut Town & Country has sold in 20 years,” said Riley. “This well-maintained property was attractive to prospective buyers as it is in a very strategic San Gabriel Valley location across the street from Mt. San Antonio College and serves an affluent trade area. It is also in a location that is under-served from a shopping center perspective. We had eight offers submitted and ultimately selected an all-cash 1031 exchange investor.”
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