Palmdale Retail Property Trades for $15.25 Million
FP 10th Street Palmdale LLC acquires 56,101 SF retail property in Palmdale from 10th Street Palmdale LLC for $15.25 million.
FP 10th Street Palmdale LLC has acquired a 56,101 SF retail property in Palmdale for $15.25 million from 10th Street Palmdale LLC. The property is located at 40033 10th Street W and is anchored by the US Army, Goodwill International, and Buffalo Wild Wings.
The property was sold off-market and the buyer assumed the loan. The sale price of 15.25 million represents a price per square foot of 271.83 and a cap rate of 7.65.
Yitzy Pearson of Pearson Real Estate Group represented both the buyer and the seller in the transaction. Pearson Real Estate Group is a Los Angeles-based brokerage firm that specializes in commercial real estate.
Palmdale is a city located in northern Los Angeles County. It is home to over 150,000 residents and has a growing economy. The city has attracted a number of large employers in recent years, including Lockheed Martin, Boeing, and Northrop Grumman.
The retail property is well-positioned in Palmdale and is expected to generate strong cash flow for the new owner. The property is anchored by three strong tenants, including the US Army, which is a major employer in the area. Goodwill International and Buffalo Wild Wings are also popular tenants that are expected to drive traffic to the property.
Overall, the sale of this Palmdale retail property is a positive sign for the local real estate market. The fact that the property was sold off-market and at a strong price point suggests that there is strong demand for commercial real estate in the area. As Palmdale continues to grow and attract new businesses, it is likely that we will see more deals like this in the future.