CBRE brokers $5.8M sale of Anaheim retail property
Land Investments sells 26,414 SF retail property in Anaheim to Grocery Outlet for $5.8M
CBRE brokers Alan Krueger and Vanessa Haddad have closed the sale of a 26,414 SF retail property in Anaheim for 5.8M. The seller was Land Investments and the buyer was Grocery Outlet. The property is located at 3430 W. Lincoln Ave. and was sold at a price per square foot of 219.
The property is situated on a 2.5-acre lot and was built in 1978. It is currently 100% leased to multiple tenants, including a grocery store, a restaurant, and a hair salon. The property is located in a densely populated area with over 300,000 people living within a 5-mile radius.
Grocery Outlet, the buyer, is a discount grocery store chain with over 350 locations across the United States. The company has been expanding rapidly in recent years and has plans to open 30 new stores in 2021.
Land Investments, the seller, is a real estate investment firm based in Los Angeles. The company specializes in acquiring and developing commercial properties in Southern California.
Alan Krueger and Vanessa Haddad, the CBRE brokers who represented both the buyer and the seller in the transaction, have extensive experience in the commercial real estate market in Southern California. Krueger has been with CBRE for over 20 years and has closed over 2 billion in transactions. Haddad has been with CBRE for over 10 years and has closed over 500 million in transactions.
The sale of this property is indicative of the strong demand for retail properties in Southern California, despite the challenges posed by the COVID-19 pandemic. The property’s location in a densely populated area and its diverse tenant mix likely contributed to its appeal to buyers. The sale also demonstrates the continued growth of Grocery Outlet, which has been expanding rapidly in recent years and is likely to continue to do so in the future.