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1/27/21
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A 30.5k sf, single-tenant net-lease Smart & Final Extra! in Orange County was acquired by a Los Angeles-based private investor for $11.3 mil, or $370/sf. The asset was sold by an investment entity managed by The Altemus Company, out of West Los Angeles.
The building is situated on 2.55 acres at 7050 Katella Ave, at the signalized intersection of Katella and Knott Avenues, in the city of Stanton. The property was built in 1974 and remodeled in 2008.
Smart & Final has operated in the sub-market since 1996 and relocated to the subject property under the "Smart and Final Extra!" concept. Smart & Final has operated at this location since 2008 and has invested approximately $2 mil in tenant improvements.
Retailers Target, Ross, BevMo!, Dollar Tree, Starbucks, Goodyear, Habit Burger and Olive Garden are all located at the same intersection. Other nearby national credit tenants include Costco, Food 4 Less, Hobby Lobby, Vons, LA Fitness, and more. The property also benefits from its central location in the dominant retail corridor with convenient access to Interstates 5, 91, 22 and 605 freeways.
The property is surrounded by over 20 msf of industrial and office space with major companies including UnitedHealthCare, Boeing, Yamaha, Mitsubishi, Fujifilm, Rolls-Royce, and others. The daytime population exceeds 582,000 in a 5-mile radius. The immediate 1-mile trade area has an average household income that exceeds $96,600.
Eric Wohl, Ed Hanley and CJ Kiehler with Hanley Investment Group Real Estate Advisors represented the seller, 7050 Katella Avenue LLC, in the transaction. The buyer was repped by Oliver Wang of RE/MAX Premier Properties, out of Arcadia. According to Wohl, the listing generated multiple qualified offers.
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