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8/02/23
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A 34.2k sf, single-tenant retail property occupied by Superior Grocers in Buena Park was purchased by a SoCal-based investor in a $6.875 mil ($201/sf) deal. Superior Grocers is an independent supermarket chain with more than 47 Southern California locations.
The deal came in with a cap rate of 4.92%, which we’re told is a record for the lowest reported cap rate for a single-tenant grocery/supermarket property sold in California this year.
Built in 1996 and situated on 1.72 acres, the property is located at 6931 La Palma Ave, south of the 91 Fwy and just west of Knott Ave, within walking distance to Knotts Berry Farm. There are seven years remaining on its corporate-guaranteed triple net lease.
Matthew Mousavi and Patrick Luther with SRS Real Estate Partners’ National Net Lease Group represented the buyer and the seller, a SoCal-based partnership.
“This transaction garnered a significant amount of investor interest and offers as the asset is in a prime, dense, and irreplaceable north Orange County location,” said Luther. “Grocery store assets continue to be targets for investors as they provide essential goods for the local community.”
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