PALMDALE, CA-An investment group from Missouri has acquired a 144,400-sf store occupied by Wal-Mart for about $13.4 million from Santa Barbara-based sellers, according to Sperry Van Ness.

Norman Torbati of the Los Angeles office of Sperry Van Ness says that 100 prospective buyers considered the property–an indication of the strong demand for leased investments, especially investments leased by top credit tenants like Wal-Mart. The giant retailer has 13 years remaining on its triple-net lease of the building. Torbati represented the sellers, two private investors, who had owned the building at 320 W. Avenue P since 1993. The buyer, LW Partnership, was represented by Rick Cohen of Ken Karasiuk Real Estate Co.

Built in 1991, the Wal-Mart building is located in a high development area near Freeway 14. The retail store is situated on 13.5 acres and includes 1,000 parking spaces. It is close to Home Depot, several restaurants, businesses, shopping and other developments.

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