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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
- ◦Sale/Acquisition




