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2/10/21
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A private investor from Los Angeles paid $9 mil for a 56.3k sf portion of Towne Square West, a retail center located at 2220 E. Palmdale Blvd in Palmdale. Built in 1989 and situated on just under eight acres of land, the value-add center is in an Opportunity Zone, providing tax benefits for the property owner.
The property was 83% occupied at the close of escrow with tenants including Goodwill, LA Care, Aaron’s, Tokyo Steakhouse and La Palma Restaurant. Other tenants at the property that were not a part of the sale include Superior Grocers, 99 Cents Only and Crunch Fitness.
Towne Square West is well-located in a densely populated area with more than 142,000 residents and 30,000 employees within a five-mile radius. It is across the street from Antelope Valley College, adjacent to Palmdale High School and is on a major thoroughfare just off Aerospace Highway. Other nearby retailers include Super Target, The Home Depot, Ross, Vallarta Supermarkets, and Harbor Freight Tools, among dozens of others.
Chris Tramontano and John Redfield with SRS Real Estate Partners’ Investment Properties Group West represented the seller, a Los Angeles-based private investor. The buyer, a private investor from Los Angeles was repped by Joelle Kim of Westside Luxury Real Estate.
“There were multiple challenges to overcome in order to complete the sale of this asset,” said Tramontano. “The biggest hurdles were securing financing and the government-mandated COVID restrictions that significantly impacted many tenants within this property. After working with several potential lenders, we were able to assist in locking in short-term bridge financing that allowed the buyer to close escrow as well as use some funds to commence implementing its lease-up and repositioning strategy.”
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