Los Angeles County Walmart Supercenter Purchased for $20.2 Million
May 16, 2017
NORWALK, Calif., May 16, 2017 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of a triple-net-leased, 111,830-square-foot Walmart Supercenter in Norwalk, California. The $20.2 million sales price equates to $181 per square foot.
“Well-located net-leased assets such as this with excellent brand recognition and strong tenancy continue to receive multiple offers as investors seek to deploy capital amid continued historically low interest rates,” says Mike James, senior managing director investments in Marcus & Millichap’s Encino office. “Our unique marketing methods and nationwide buyer network are fine-tuned to create a competitive marketplace for each asset we represent. We marketed this property to a select group of investors and attracted a buyer who sought an income-producing asset of precisely this size and quality.”
James and Scott Doerner, associate, represented the seller, a privately owned real estate development company. The buyer is a Southern California-based private investor.
Built in 1998 on 7.6 acres, this Walmart Supercenter is located at the intersection of Imperial Highway and Pioneer Boulevard at 11729 Imperial Highway in Norwalk. The property is directly visible from Interstate 5. More than 650,000 people reside within five miles.