Torrance, CA – May 21, 2013 – (RealEstateRama) — Senior Associate Jim Slaught of Lee & Associates Santa Barbara has closed the sale of 215,202 square feet of Palmdale Marketplace, a 500,000-square-foot power center at 39176-39340 10th St. West. The transaction price was not disclosed.
“This asset is well located in Palmdale’s major retail corridor and benefits from the traffic generated by the regional mall nearby,” said Slaught, who represented the private buyer that considered the property a solid investment at a high yield with upside. “The tenant mix creates a convenient, major retail hub for the growing number of local residents.”
Built in 2000, the center’s representative tenants include Best Buy, Staples, ULTA, Barnes & Noble, Smart & Final, Ross, Sports Chalet, Lowes, Target and IHOP. It is located across from the 1,000,000-square-foot Antelope Valley Mall and is currently 97 percent leased.
About Lee & Associates
Celebrating more than 34 years of leadership excellence in commercial real estate, Lee & Associates is the largest broker-owned firm in the nation, with 48 locations across the nation including Arizona, California, Georgia, Idaho, Indiana, Illinois, Kansas, Maryland, Michigan, Missouri, Nevada, New Jersey, Texas and Wisconsin. With a roster of nearly 750 expert brokers, Lee & Associates provides a wide range of specialized commercial real estate services. Additional information is available at www.lee-associates.com.