Newport Beach, CA (August 10, 2022) – SRS Real Estate Partners’ National Net Lease Group (NNLG) announced today it has completed the sales of three retail properties totaling $10.2 million that are outparcels to Palmdale Marketplace located at 39340 10th Street W in Palmdale, CA. Palmdale Marketplace is a 214,000-square-foot (sf) power center anchored by Target, Lowe’s Home Improvement, and Sprouts, among others.
SRS NNLG’s Managing Principals Matthew Mousavi and Patrick Luther represented the seller, a Texas- based owner and operator of retail properties nationally, as well as the buyers.
“These three properties within Palmdale Marketplace are high-profile locations with a stellar line up of necessity and service-based tenants, and are part of a six-asset break-up strategy SRS is conducting on behalf of our seller client,” said Mousavi. “Once the remaining three assets are sold, the total value will be approximately $24 million. Breaking up the parcels and selling separately enables our client to maximize value by creating a larger buyer pool looking for a smaller price point as opposed to a single buyer acquiring as a portfolio.”
Following is information on the three sold assets:
- 5,958-sf property fully occupied by Jamba Juice, Baskin Robbins and Harbour Sushi. Built in 2001 and situated on .82 acres, the asset was sold for $4.3 million. The buyer was a private investor who paid all-cash.
- 4,875-sf property fully occupied by Five Guys and Café Rio. Built in 2001 and situated on 1.15 acres, the asset was sold for $3.375 million. The same buyer that acquired the Jamba Juice, Baskin Robbins and Harbour Sushi property acquired this asset as well.
- 4,022-sf sale of a single-tenant property occupied by IHOP. Built in 2002, the property is situated on .7 acres and was sold for $2.514 million to IHOP corporate as an owner/user.
The remaining three properties that are being sold as part of the break-up strategy and are currently on the market and include: Vitamin Shoppe, O’Reilly and Shops at Palmdale Marketplace.
Palmdale Marketplace is well-located in a dense submarket of Los Angeles and is near the on/off ramp of State Highway 138 and 14.
In 2021, SRS’ Investment Properties Group (IPG) and National Net Lease Group (NNLG) completed more than $3.1 billion in deal volume comprised of 899 transactions in 49 states, and currently has more than $2 billion in property on the market, with nearly 465 properties sold year-to-date in 2022.
About SRS Real Estate Partners
Founded in 1986, SRS Real Estate Partners is building upon its retail foundation to provide extensive commercial real estate solutions to tenants, owners, and investors. Headquartered in Dallas, with more than 25 offices in the U.S., SRS has grown into one of the industry’s most influential and respected leaders. Our commitment to excellence is strengthened by our Guarantee of Value and our success is measured in the achievement of our clients’ objectives, satisfaction, and trust.
SRS’ Investment Properties Group (IPG) & National Net Lease Group (NNLG) is a unified platform of seasoned net lease professionals located and transacting nationally with all underwriting and marketing efforts strategically located in Southern California. In 2021, the group completed more than 899 sales across more than 49 states and has over 160 brokerage professionals nationally. From proactive sales to targeted acquisitions and tailored debt and equity solutions, SRS’ National Net Lease Group offers comprehensive services to net lease owners and investors. Superior speed-to-market, world-class marketing materials, a deep investor database and unparalleled retail submarket intelligence from the entire SRS platform allow SRS’ National Net Lease Group to deliver the best possible returns.
