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3/07/19
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La Palma Convenience Center, a 36.9k sf, Walgreens-anchored retail center anchored in the OC city of La Palma, sold for $15.7 mil, or $425/sf.
The property was built in 1975 and then renovated in 2007. It features a complimentary mix of internet-resistant tenants, a signalized corner location on La Palma Ave and Valley View Blvd, and an outstanding value-add investment with NNN leases and upside potential.
David W. Ridgway with Marcus & Millichap represented both parties in the deal. The property sold within 30 days of being on the market, even with the added complexity of a bifurcated rent structure of ground and building rent.
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