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.
Palmdale Marketplace is well-located in a dense submarket of Los Angeles and is near the on/off ramp of State Highway 138 and 14.
In 2022, SRS’ Investment Properties Group (IPG) and National Net Lease Group (NNLG) completed more than $2.9 billion in deal volume comprised of 760 transactions in 48 states. SRS currently has in excess of 445 properties actively on the market with a market value surpassing $2.2 billion.
About SRS Real Estate Partners
Founded in 1986, SRS Real Estate Partners is building upon its retail foundation to provide extensive commercial real estate solutions to tenants, owners, and investors. Headquartered in Dallas, with more than 25 offices in the U.S., SRS has grown into one of the industry’s most influential and respected leaders. Our commitment to excellence is strengthened by our Guarantee of Value and our success is measured in the achievement of our clients’ objectives, satisfaction, and trust. For more information, please visit srsre.com.
SRS’ Investment Properties Group (IPG) & National Net Lease Group (NNLG) is a unified platform of seasoned net lease professionals located and transacting nationally with all underwriting and marketing efforts strategically located in Southern California. In 2022, the group completed more than 760 sales across 48 states and has over 160 brokerage professionals nationally. From proactive sales to targeted acquisitions and tailored debt and equity solutions, SRS’ National Net Lease Group offers comprehensive services to net lease 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’ National Net Lease Group to deliver the best possible returns. For more information, please visit srsnnlg.com.