Monday, February 14, 2011
Santa Clarita, California - A trophy property is the topic for our Net Lease Properties news for the day. A Retail Shopping Center in Valencia, California has sold. Valencia is in the Santa Clarita, California commercial real estate market. This net leased property had numerous NNN Commercial Real Estate investors very interested in acquiring it. This net leased property is known as Northpark Village Square. The net leased property Seller, Northpark Village Corporation, is an entity that is advised by Cornerstone Real Estate Advisers LLC.
The net leased property sold to to an institutional buyer. This NNN Commercial Real Estate investor has offices operating in beautiful Orange County California. Surprisingly this net leased property sold for $40 Million and the Buyer will receive a cap rate of just under 6%. This net leased property is approximately 87,0574 square feet and sits on about 13.77 acres or land the size of 599,812 square feet. This net leased property is on a well traveled corner.
The net leased property is situated at 27706-27760 McBean Parkway, in Valencia, with the zip code of 91354. This retail shopping center is anchored by a high-performing Ralphs Grocery Store. This net leased property also has Tenants with net leases that include Rite Aid Pharmacy, and Wells Fargo. Also this retail shopping center has a net leased tenant to sell coffee and that is Starbucks. This net leased property was constructed in 1996. The Commercial Real Estate Owners had completed an expansion project in 1999.
This net leased property is in a well established neighborhood with an excellent household income average of $117,016 within a 1 mile radius. The retail shopping center has been able to keep an occupancy rate of approximately 94.5% since the construction was complete. The net leased retail shopping center has ample Parking for retail traffic to fuel the net leased property Tenants businesses. There is a huge demand for quality grocery-anchored retail shopping centers. We have NNN commercial real estate investors who are prepared to acquire properties with assumable Commercial Loans.
The Sellers, Pension fund Cornerstone Real Estate Advisors sold after they purchased this net leased property for approximately $30 million in 2004. At that point in time the net leased property was 100% leased and was popular sitting in the Los Angeles area. The net leased Tenants had Ralphs, Rite Aid and Wells Fargo even back then. The Southern California commercial real estate market ranks as a top 10 market for retail net lease properties. Cornerstone Real Estate Advisors had acquired the net leased property from Lennar Partners, the 2004 Owners.
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