Investment Offering
Palmdale, CA - Towne Square East Plaza
2200-2270 E. Palmdale Blvd. | Palmdale, CA 93550
$18,716,000
Price7.5%
Cap RateDescription
SRS Capital Markets is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in Towne Square East Plaza, a 93% occupied, neighborhood shopping center located in Palmdale, CA (Los Angeles County). The asset contains 2 parcels totaling 13.85 acres and 92,073 SF of rentable space. Towne Square East is anchored by Crunch Fitness, County of Los Angeles Department of Mental Health, and United States Postal Service with 2 single-tenant pad sites and a 3-tenant pad site. Towne Square East features an internet resistant lineup comprised of health club, medical, post office, service tenants, and multiple restaurant pads. The site is also shadow anchored by Superior Grocers (NAP) which helps promote crossover shopping to the subject property. Furthermore, this Crunch Fitness ranks in the top 20th percentile in visits/sf of all Crunch locations nationwide (per Placer.AI), further demonstrating the strength of the center and underlying real estate.
Location
Towne Square East is located along East Palmdale Boulevard with 34,000 vehicles passing by daily and 3 monument signs, providing increased visibility to the center. The site is also just 2.4 miles off Aerospace Highway (89,000 VPD) with convenient on/off ramp access and 2.5 miles from the Palmdale Metrolink Train Station (2,600 daily riders), a train that travels directly into the city of Los Angeles. The asset is positioned on a dense retail corridor with nearby national/credit tenants including Super Target, The Home Depot, Ross, Vallarta Supermarkets, Harbor Freight Tools, and more, further increasing consumer draw to the trade area. In addition, Towne Square is adjacent to Palmdale High School and across from Antelope Valley College (over 3,000 students per day), providing a direct consumer base to draw from.
The city of Palmdale is positioned within Los Angeles County, the largest county in the U.S. with a population of nearly 10,000,000 people. The 5-mile trade area is supported by a dense population of nearly 144,000 residents with an average household income of more than $90,000.
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