SRS Real Estate Partners’ National Net Lease Group (NNLG) completed the $6.875-million sale of a 34,199-square-foot single-tenant retail property located in Buena Park and occupied by Superior Grocers, an independent supermarket chain with more than 47 Southern California locations. At 4.92%, the sale breaks the record for the lowest reported cap rate for a single-tenant grocery/supermarket property sold in California this year.
SRS NNLG’s managing principals Matthew Mousavi and Patrick Luther represented the seller, a partnership from Southern California. They also procured the buyer, a Southern California-based private non-1031 investor.
Built in 1996 and situated on 1.72 acres, the property is located at 6931 La Palma Ave. in Buena Park. There are seven years remaining on its corporate-guaranteed triple net lease.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).