Los Angeles Target Sets Mark for 2022’s Top Net Lease Retail Deal
The 56,000-square foot store traded for almost $900 per square foot.
Density knows no price tag sometimes for investors looking to buy into retail.
An unnamed buyer has gained access to more than 3.6 million people within a 10-mile radius of a Target store seven miles from Los Angeles in what the broker says is the largest net lease retail sale of the year to date.
The deal for the 56,000-square foot retail space in Huntington Park was announced last week by The Mansour Group of Marcus & Millichap Brokers for nearly $50 million and almost $900 per square foot.
“This transaction represents a generational opportunity to acquire a best-in-class retail asset with a long-term triple-net lease in a trophy, infill location within Los Angeles,” Alvin Mansour, executive managing director investments, The Mansour Group of Marcus & Millichap, said in a prepared statement.
The buyer was a private investor from New York City using a 1031 exchange.
Mansour said the chance at that big a consumer block led to “a highly competitive sales process that included multiple bidders, private and institutional, despite rising interest rates and inflation.”
Located on Bickett Street, the Target is nearby to a LA Fitness, Staples, Home Depot and Huntington Park High School.