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1/12/24
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In recent retail investment activity out of California’s Antelope Valley, a brand-new construction, single-tenant Smart & Final Extra! and a single-tenant property occupied by dd’s Discounts at the Antelope Valley Plaza traded hands in deals totaling $11.38 mil. The two single-tenant properties were purchased by two individual private 1031 exchange buyers in separate transactions.
Built in 1979 and renovated in 2023, the new construction Smart & Final Extra!-occupied property sits on 1.85 acres at 2058 West Avenue J, adjacent to a top-4%-performing CVS Pharmacy nationwide at the Antelope Valley Plaza, according to Placer.ai. Smart & Final Extra! has a new 15-year corporate lease.
Located at 2038 West Avenue J on a 1.64-acre parcel, the 24k sf single-tenant dd’s Discounts has less than three years remaining on the initial lease term. dd’s Discounts is ranked #1 by traffic of stores within a 30-Nasdaq: ROST) and has 347 locations in 22 states throughout the United States. The store offers a variety of clothing, accessories, home goods, toys and furniture at 20% to 70% off what the same items would cost at a department store.
Antelope Valley Plaza is situated immediately adjacent to the 14 Freeway at Avenue J and 20th Street on/off-ramps and one block west of the 420-bed acute care Antelope Valley Hospital, one of only 14 trauma centers in Los Angeles County. The 127k sf property is also near a high-performing Home Depot, Walmart Supercenter and many hotels.
In addition to anchors Smart & Final Extra!, CVS Pharmacy and dd’s Discounts at the Antelope Valley Plaza, other tenants include AT&T Wireless, Supercuts and Hallmark. CVS Pharmacy is ranked by traffic in the 96th percentile nationwide, according to Placer.ai. Antelope Valley Plaza is situated adjacent to the future 100-acre medical main street redevelopment project, which aims to capitalize on the 100 acres of land surrounding the existing Antelope Valley Hospital, re-purposing it for mixed-use facilities that integrate health care, health food stores, restaurants, and workout facilities bringing thousands of jobs to the Antelope Valley. The property is also close to Antelope Valley College, which has grown to a student population of approximately 16,000.
Sean Cox, Bill Asher, Alexander Moore and Kevin Fryman with Hanley Investment Group Real Estate Advisors represented the seller, PacWest Management Inc, in partnership with Evergreen Development Company, for the sale of the single-tenant Smart & Final Extra! property. The Hanley team, comprising Cox, Asher, Moore and Fryman, also repped the seller, Pac West Management, Inc., in the sale of dd’s Discounts.
The Antelope Valley is home to Edwards Air Force Base, America's largest U.S. military installation. Major area employers include the world’s largest private aerospace companies, including Boeing, Lockheed Martin and Northrop Grumman. Lockheed Martin is the largest defense contractor in the Antelope Valley (3,700+ employees) and Northrop Grumman, California’s largest employer, has a local workforce of 2,100 employees. It is predicted that Antelope Valley will experience a 37% job growth over the next 10 years.
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