NAI Capital’s Fariba Kavian Closes $6.4M Deal in Lancaster
LANCASTER, CA – May 31, 2012 – (RealEstateRama) — NAI Capital’s Fariba Kavian with the West L.A. office represented the Seller, LNR Properties, in the sale of a 53,822 SF retail property located at the Lancaster Plaza at 1006, 1022, 1030, 1060 E Ave J. to the Buyer, 2429 Danalda and Kab Plaza LLC. The value of the sales transaction was over $6.4M.
“This shopping center, which was over 82% occupied, provided an investor excellent cash flow while offering the opportunity to benefit from future upside by leasing up the vacant space,” said Kavian.
The property is located in the heart of the Lancaster Marketplace with 3 separate buildings which make up 53,822 sq. ft. portion of a 108,915 sq. ft. center shadow anchored by Superior Grocers, one of the largest independently-owned chains of grocery stores in Southern California, and US Bank. Other tenants in the center include nationally recognized and credit worthy chains such as 99¢ Only, Little Caesars Pizza, Jackson Hewitt, Allstate Insurance and Subway.
The center enjoys excellent visibility and serves the densely populated east Lancaster community. Located at the signalized intersection of 10th St. E & Avenue J, it benefits from excellent traffic counts of approximately 38,000 vehicles per day. The center is approximately 3 miles east of the Antelope Valley (CA 14) Freeway and also includes direct access to a bus line and a dedicated turn lane.
Lancaster, the eighth-largest city in Los Angeles County, California, is located approximately 70 miles north of the city of Los Angeles in the Antelope Valley. Lancaster has also seen a large growth in business over the past decade, with the establishment of large distribution centers for national companies such as Rite Aid, Michaels and Sygma, as well as smaller local businesses and national restaurant chains.
About NAI Capital
NAI Capital is a leading Southern California commercial real estate firm headquartered in Encino, California. With 14 offices throughout Los Angeles, Orange, Riverside, San Bernardino and Ventura Counties, NAI Capital is the Southern California affiliate of NAI Global, a premier real estate service network with 350 offices spanning the globe. Since 1979, NAI Capital clients have built their businesses on the power of our expanding network. Our extensive services include: multi-site acquisitions and dispositions, sublease, tenant representation, lease administration and audit, investment services, due diligence and related consulting and advisory services. To learn more, visit www.naicapital.com NAI Capital Brokerage DRE #00806840
Contact:
Sharon M. Fitzgerald
Public Relations Manager
(818) 905-2400
sfitzgerald (at) naicapital (dot) com
