HFF Arranges $23M Sale of SoCal Retail Property

A 32,873-square-foot Sprouts Farmers Market store recently changed hands in Los Angeles County.
Sprouts Farmers Market store in Culver City, Calif.

Sprouts Farmers Market store in Culver City, Calif.

By Ioana Neamt, Associate Editor

Los AngelesHFF recently closed the sale of a single-tenant Sprouts Farmers Market location in Culver City, Calif., in a deal worth $23.5 million.

An HFF investment sales team led by Gleb Lvovich, Nick Foster, CJ Osbrink and Bryan Ley secured the transaction on behalf of the seller, Niki Properties. The 32,873-square-foot asset was acquired by an undisclosed buyer at a record price for a single-tenant Sprouts store, according to the Pittsburgh-based broker.

“As one of the top-performing Sprouts locations chain-wide, coupled with a core location in Los Angeles, the offering received tremendous interest from the entire investment community,” said Lvovich in a statement.

Located at 5660 W. Sepulveda Blvd. close to the intersection of the 405 Freeway and State Road 90, the building is triple net leased to Sprouts through 2025. The asset is conveniently situated directly across from the Westfield Culver City 1 million-square-foot regional mall, and approximately 10 miles west of downtown Los Angeles. The SoCal Sprouts location shares a parking lot with Office Depot, Bevmo and Bunnin Chevrolet of Culver City.

Image via Google Street View