Newport Beach, Calif. (February 14, 2020) – SRS Real Estate Partners’ Investment Properties Group has announced the completion of the $32 million sale of Santa Fe Springs Promenade, a 111,925-square-foot shopping center, located at 11452-11568 Telegraph Road in Santa Fe Springs, CA (L.A. County). The center is 80 percent occupied by tenants including 99 Cents Only, AutoZone, Bank of America, Starbucks, and Jersey Mike’s, among others.
SRS’ Investment Properties Group Senior Senior Vice President Chris Tramontano and Senior Vice President John Redfield, along with WindWater Real Estate, represented the seller, an Orange County, CA-based private partnership. Tanel Harunzade with Kidder Mathews represented the buyer, a Los Angeles-based private investor who was in a 1031 exchange.
“This property offers the new ownership an immediate value-add opportunity to lease up the current vacancy at this extremely busy center in a densely populated L.A. County market,” said Tramontano. “Additionally, it is rare to have a property include pad buildings as they are usually sold off once an asset is developed. Future value can be created by redeveloping the center as well as by breaking up the four single-tenant net-leased pads and sold off individually.”
Situated on 8.12 acres, the property was built in different phases from 1953 to 1986. It is well-located at a signalized intersection which sees more than 60,000 vehicles per day and is less than one-half mile from the 5 freeway. Santa Fe Springs Promenade is located along Telegraph Road, the primary corridor for the City of Santa Fe Springs in a densely populated area with more than 218,000 people within a three-mile radius.
About SRS Real Estate Partners
SRS Real Estate Partners is the largest real estate company in North America exclusively dedicated to retail services. Headquartered in Dallas with more than 25 offices worldwide, SRS’ strong reach and international presence provide the company with unparalleled knowledge both globally and domestically. As a result, clients of SRS have a competitive edge through a full range of offerings including brokerage services, corporate services, development services, and investment services. Since its inception in 1986, SRS has built a strong foundation in the retail real estate world and grown into one of the industry’s most influential and respected leaders. Our success is measured in the achievement of our clients’ objectives, satisfaction and trust. For more information, please visit www.srsre.com.
SRS’ Investment Properties Group is a unified platform of seasoned professionals located and transacting nationally with all underwriting and marketing efforts strategically located in Southern California. In 2019, the group completed more than 400 sales across more than 35 states and has over 50 NNLG professionals nationally. From proactive sales to targeted acquisitions and tailored debt and equity solutions, SRS’ Investment Properties Group offers comprehensive services to 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’ Investment Properties Group to deliver the best possible returns.