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California  + Retail  | 

Hobby Lobby-Occupied Property in Palmdale Trades for $10M

Faris Lee Investments completed the $10.15 million sale of a newly-constructed single-tenant, 54,942-square-foot retail building fully occupied by Hobby Lobby in Palmdale, CA. The NNN-leased asset is located within the Destination 0-Eight Power Center, and is co-anchored by Walmart Supercenter, Sam’s Club and Kohl’s. The transaction closed at a cap rate of 6.22%.

Faris Lee’s Jeff Conover and Christopher DePierro represented the SoCal-based seller, HFC/PRP Palmdale, LLC, that was also the developer for a portion of the power center. Conover and DePierro also represented the SoCal-based buyer, Valuerock Investments Partners LLC.

DePierro says “This sale represented the third and final successful closing in a breakup strategy of the retail center executed by Faris Lee Investments. Ultimately, this strategy maximized its overall value for the seller.”

Built in 2017 on 4.09 acres, the arts and crafts retailer opened its doors at this Palmdale location at 40022 10th Street W. in August 2017.

For comments, questions or concerns, please contact Dennis Kaiser

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About Dennis Kaiser

Dennis Kaiser is Vice President of Public Relations and Communications for Connect Creative. Dennis is a communications leader with more than 40 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect Creative’s agency client services and is involved in a range of initiatives ranging from public relations and content strategy, communications and message development, copywriting, media relations, social media and content marketing services. Prior to joining Connect Media in 2015, his most recent corporate communications roles involved leading a regional public relations effort across Southern California for CBRE, playing a key marketing role on JLL’s national retail team, and directing the global public relations effort at ValleyCrest (BrightView), the nation’s largest commercial landscape services company. He has worked on marketing communications assignments for such CRE companies as Blackstone/Equity Office, Carlyle, Caruso, Disney Resorts, GE Capital, Irvine Company, Hines, Howard Hughes Corp., Jeffries, Lennar, MGM, Marcus & Millichap, Prologis, Raleigh Studios, Simon, Starwood, Trammell Crow Company, Transamerica, UBS and Wynn Resorts. Dennis has also worked on communications and launch strategies for a number of consumer electronic, media and tech brands including SlingMedia, Channel Master, Deluxe Media Entertainment, BeIn Sports, EchoStar and Sprint. Dennis’s agency background included firms such as Off Madison Ave., Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, Boy Scouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and the Thunderbirds Charities.

  • ◦Sale/Acquisition
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