SRS Real Estate Partners’ National Net Lease Group (NNLG) has completed the sales of three retail properties totaling $10 million at the Palmdale Marketplace in Palmdale, CA. The trio of assets are outparcels of the shopping center which is anchored by Target, Lowe’s and Sprouts.
“These three properties are high-profile locations and are part of a six-asset break-up strategy SRS is conducting on behalf of our seller client,” said SRS NNLG’s Matthew Mousavi who represented the seller and buyers along with the firm’s Patrick Luther. “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.”
Two of the three parcels were purchased by a private investor who paid all cash. They are fully occupied by Jamba Juice, Baskin Robbins, Harbour Sushi, Five Guys and Cafe Rio. The third property is occupied by IHOP and was acquired by IHOP corporate as an owner/user.