April 16, 2019 – SRS Real Estate Partners’ Investment Properties Group has completed the $8.5 million sale of Valencia Autoplex, a fully occupied, three-building 20,459-square-foot retail center in Valencia, CA (Los Angeles County). Built in 1996 and situated on 1.81 acres at 23506 Valencia Blvd., the property includes Big O Tires and Oil Stop along with a mix of local auto-oriented tenants making the center a destination for area consumers’ automotive needs. Additionally, a Shell Gas Station and Auto Spa Car Wash are adjacent tenants in the center (not a part of the acquisition.)
SRS Real Estate Partners’ Investment Properties Group Senior Vice President Pat Kent, Executive Vice President Rich Walter and Associate Parker Walter represented the seller, Newport Beach-based Frye Family Partnership III. The buyer, a Los Angeles-based investor, was represented by Ron Feder of RJ Feder & Associates, Inc.
“This center is fully occupied with all tenants on triple-net leases which translates into minimal landlord responsibilities,” said Kent. “SRS fielded several offers and we identified the all-cash 1031 exchange buyer who traded out of a multifamily property. We focused our marketing program on the fact that this center was in a strong location for an autoplex due to the surrounding car dealerships providing the center a complementary and direct consumer base to draw from.”
Valencia Autoplex is located near the signalized intersection of Valencia Blvd. and Cinema Drive which sees more than 58,000 cars per day. The site is directly across from the area’s primary auto mall with dealerships including Valencia BMW, Mercedes-Benz of Valencia, Frontier Toyota, and Audi Valencia, among others. The site is also less than one more from Westfield Valencia Town Center which features 1.1 million square feet of retail, restaurants and entertainment tenants and is 3.7 miles from Six Flags Magic Mountain.