SRS NNLG Completes $5M Sale of Palmdale Retail Property

Net lease specialist SRS Real Estate Partners’ National Net Lease Group (NNLG) has completed the $5.4 million sale of a multi-tenant retail property in Palmdale, CA. Located within the Palmdale Marketplace, the 12,000-square-foot asset is 100% occupied by six tenants including Jenny Craig and Verizon.

SRS NNLG Managing Principals Matthew Mousavi and Patrick Luther represented the buyer, a private investor, and the Texas-based seller in the transaction. The property is part of a $40 million break-up strategy with one remaining parcel currently on the market.

Palmdale Marketplace is a 450,000-square-foot power center anchored by Target, Lowe’s and Sprouts. “SRS has been working with the seller to maximize the value of Palmdale Marketplace by selling off individual parcels to buyers in order to expand the potential buyer pool,” said Mousavi. “Over the span of less than eight months, we have now sold five retail pads with a total value of $18.2 million.”