LA-Area Retail Asset Trades for $20M
- May 17, 2017
By Mihaela Coste
Marcus & Millichap has closed the sale of a 111,830-square-foot Walmart-anchored retail center located in Norwalk, Calif. The triple-net-leased asset traded for $20.2 million, or $181 per square foot.
Mike James, senior managing director, and Scott Doerner, associate, in Marcus & Millichap’s Encino office represented the seller, which, according to The Real Deal, is Newmark Merill Co. The buyer is Margaret Wang Trust, a Southern California-based private investor.
Located on a 7.6-acre site at 11729 Imperial Highway, the property is directly visible from Interstate 5 and is located in close proximity to Interstate 605, in an area where more than 650,000 people live within five miles. The single-story asset was built in 1998.
“Well-located net-leased assets such as this with excellent brand recognition and strong tenancy continue to receive multiple offers as investors seek to deploy capital amid continued historically low interest rates,” said James in a prepared statement. “We marketed this property to a select group of investors and attracted a buyer who sought an income-producing asset of precisely this size and quality.”
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