SRS Real Estate Partners announced today it has completed the $11.35 million acquisition of a 28,000-square-foot property occupied by Smart & Final located at 3111 E Florence Avenue in Huntington Park, Calif. (Los Angeles County).
SRS Capital Markets Vice President Joe Chichester, Senior Vice President John Redfield, and Senior Associate Kyle Zimmer represented the buyer in the transaction, a Mexico City-based private investor. The seller was a Los Angeles-based private investor. The transaction closed at a 5.8% cap rate.
“We identified this property for our client as a compelling longstanding investment opportunity featuring a long-term lease structure, minimal landlord responsibilities and a tenant with a strong track record,” said Chichester. “Investors continue to target high-quality assets in infill Los Angeles markets and other strategic Southern California locations, and grocery-occupied properties like this remain highly sought after.”
Built in 2018 and situated on 1.37 acres, the property features ample on-site parking, including rare roof top parking, and benefits from its location within a densely populated infill trade area. The site is surrounded by a variety of retail, restaurant and service-oriented businesses that generate strong crossover traffic for Smart & Final.
Last year, SRS Capital Markets completed more than $3.5 billion in deal volume comprised of 950 transactions across the nation. SRS currently has in excess of 845 properties actively on the market with a market value surpassing $3.7 billion.
About SRS Real Estate Partners
Founded in 1986, SRS Real Estate Partners is celebrating 40 years of going the extra mile for its clients. Building on its retail foundation, SRS provides commercial real estate solutions across retail, industrial, and capital markets. Headquartered in Dallas with 30 offices nationwide, the firm measures its success by the achievement of its clients’ objectives, satisfaction, and trust. For more information, please visit srsre.com.