Newport Beach, CA (March 2, 2023) – SRS Real Estate Partners’ National Net Lease Group (NNLG) announced today it has completed the $5.4 million sale of a multi-tenant retail property located at 39178 10th Street W in Palmdale, CA. Situated on .87 acres, the 11,788-square-foot (sf) asset is 100% occupied by six tenants including Jenny Craig and Verizon. The property is a portion of Palmdale Marketplace, a 450,000-sf power center anchored by Target, Lowe’s Home Improvement, and Sprouts, among other tenants. This asset is part of a $40 million break-up strategy with one remaining parcel currently on the market.
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 buyer, a private investor.
“SRS has been working with seller to maximize value of Palmdale Marketplace by executing a break-up strategy, selling off individual parcels to buyers in order to expand the potential buyer pool and enabling smaller investors to own a portion of a larger center creating favorable crossover traffic and enhanced customer draw,” said Mousavi. “Over the span of less than eight months, we have now sold five retail pads with a total value of approximately $18.2 million.”
SRS has one remaining property available within Palmdale Marketplace. The 58,652-sf asset is currently on the market for $16.317 million and is fully occupied by Smart & Final, Barnes & Noble Booksellers and Blue Sky Utility (Solar Panels). The sold assets include sites occupied by Jamba Juice; Five Guys and Café Rio; O’Reilly Auto Parts, and IHOP.