After undergoing renovations earlier this year, a multi-tenant retail center in Las Palmas is on the market, with an asking price of $13.5 million, or approximately $568.63 per square foot. According to a property listing from Cushman & Wakefield, the property contains 23,822 square feet of rentable retail space and currently serves 16 tenants.
“The strip center is fully renovated and ready for a long-term investor,” Joseph Lising, the listing agent for the property, said. “All the heavy lifting has been done.”
The property is located at 7971 Valley View Street on 2.86 acres of land. The retail center spans three buildings and also boasts 96 parking spaces. While built in 1975, the property recently underwent exterior renovations by its current owner, DMI Real Estate, according to City documents.
Anchored by Walgreens, the property is 94 percent occupied by a mix of local and national retailers. The property also is home to a brand new Popeyes drive-thru pad building and will soon serve a Jamba Juice and Auntie Anne’s in early 2022. While seeing new leases, approximately 70 percent of the tenants have occupied space at the property for nine years or more.
“We just leased out the back space to a Jamba Juice tenant, and we’re trying to fit in a dual concept. Jamba Juice was bought out by Focused Brands, and part of that includes Auntie Anne’s. It will be the first Jamba Juice-Auntie Anne’s in California, and one of the first in the United States,” Lising said.
Located at the busy intersection of La Palma Avenue and Valley View Street, approximately 108,000 vehicles pass the retail center per day, according to Cushman & Wakefield. The property is also a short drive from State Roads 91 as well as Interstates 5 and 605, providing easy access to nearby Anaheim, Fullerton, Los Alamitos and other popular Orange County destinations. In total, Cushman & Wakefield estimate the retail center sees more than 298,000 visitors per year.
“The intersection of La Palma and Valley View is a heavy-trafficked intersection in Orange County. Directly across from the Popeye’s, there’s an In-and-Out, a Taco Bell, an El Pollo Loco, a lot of the major retailers were already there. That’s a good indicator that the intersection is strong,” Lising said.
The property also benefits from nearby demographics, with approximately 630,000 people residing within a five-mile radius. On average, Las Palmas residents maintain a household income of $119,000 per year.
