Southern California Net-Leased Grocery Store Sells for $22,525,000
WESTLAKE VILLAGE, Calif., March 16, 2021 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of a 50,242-square-foot Smart & Final grocery store in Westlake Village, an affluent master-planned community in Southern California. The triple-net-leased asset sold for $22,525,000, or $448 per square foot.
“Smart & Final is an essential, e-commerce- and inflation-resistant retailer that has remained open throughout the pandemic,” said Lior Regenstreif, senior managing director investments in Marcus & Millichap’s Encino office. “Approximately 12,500 square feet of this property is sub-tenanted to Dollar Tree on a 10-year triple-net lease. Smart & Final is responsible for all aspects of the subtenancy.” Regenstreif represented the seller, Riverside Villas LLC.
The asset is located within the Westlake Village Marketplace shopping center, across the street from Westlake Business Park and one mile from the Ventura Freeway/U.S. 101. The location is surrounded by 27 acres of national retailers and big box stores, including Costco, Target, TJ Maxx, Staples and Michaels. There are approximately 37,200 people living within a five-mile radius and the average annual household income is $171,000. The property is 13 miles from the San Fernando Valley, 17 miles from Malibu and Downtown Los Angeles is within 40 miles.
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With over 2,000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 8,954 transactions in 2020 with a value of approximately $43 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.