Premier Business Centers




The Small Space Marketplace

List Your Space

Find Space

Home About Us Executive Subscriber Membership RENTV Conferences Newsletter Contact Us Advertise
August 23, 2019
 Search RENTV
   Go!
 Video Programs
 News
News Home Page
Southern California
Northern California
Pacific Northwest
Texas/Southwest
Retail
Multifamily
Financing
Prop. Management
Archives
Press Releases
 R. E. Marketplace
Service Providers
JobWorks
Property Spotlight
 RENTV  Conferences
Subscriber Login:
  
Email      
    Go!
Password      
Forgot Password?



SOUTHERN CALIFORNIA NEWS
Printer-friendly Version   Email an Associate
Pad Buildings at Walmart Supercenter in Lancaster Sells for $6 Mil

5/01/19

Two multi-tenant pads totaling 13.8k sf of space at the Walmart Supercenter in Lancaster have sold for a total price of $6 mil ($435/sf). Built in 2003, the buildings are 100% occupied.

Pad B, a 7.5k sf building, is occupied by AT&T, Papa John’s, Advance America and Mi Ranchito Mexican Bar and Grill and located at 1721 East Avenue J in Lancaster. Pad G, a 6.3k sf building occupied by Panda Express, Smoke Rings, GameStop and It’s a Grind, is located at 44421 20th Street East in Lancaster.

In addition to Walmart, nearby national and regional credit tenants include Stater Bros, ALDI, McDonald’s, Wells Fargo, Bank of America, Chase Bank, Jack in the Box, Del Taco, Taco Bell, KFC, El Pollo Loco, Wingstop, Goodwill, In-Shape Health Club, Dollar Tree, CVS/pharmacy, 7-Eleven, AutoZone, Subway and H&R Block.

Eric Wohl, Ed Hanley and Andrew Cunningham with Hanley Investment Group Real Estate Advisors represented the sellers, The Niki Group of San Diego and Wood Investments Companies Inc of Costa Mesa. The buyer, a private non-1031 exchange buyer based in Los Angeles, was repped by James Chin of Realtex Properties Inc, of Los Angeles.

According to Hanley, the sale represents the 2nd lowest cap rate over the previous 12 months and the 3rd highest price per square foot over the past 36 months for a multi-tenant property in the Lancaster/Palmdale market.

According to Wohl, 80% of the tenants feature rental increases providing an ideal hedge against inflation and resulting in strong cash flow growth. Additionally, each building is situated on its own parcel allowing for separate sales in the future to maximize value.

“The properties have excellent access and visibility and benefit from the high-traffic location with 30,000 cars per day at the intersection of East Avenue J and 20th Street,” said Wohl. “The shopping center has six points of ingress/egress and large pylon signage. Furthermore, there are over 81,000 people within a three-mile radius.”





Return to the Archive page


 


 


 


 
 



Home | About Us | Newsletter | Contact Us | Executive Subscriber Membership | Executive Subscriber Home | Advertise
Southern California | Northern California | Pacific Northwest | Southwest | Retail | Multifamily | Financing | Property Management
Archives | Press Releases | Service Providers | JobWorks | Property Listings

Copyright © 2019 by RENTV, All Rights Reserved
Website designed by Regency Web Services, Inc. and powered by Lightning Media