NAI Capital Completes Sale of Sprouts Farmers Market in Claremont, CA
Claremont, CA – August 18, 2015 – (RealEstateRama) — Senior Vice President Fariba Kavian with NAI Capital represented the seller HCLARE LLC on the sale of the 22,750 square foot Sprouts Farmers Market. The sale price was well over $12 Million. In addition, the buyer paid a prepayment penalty of approximately $600K to the pay off the existing loan on the property, which was at an above market interest rate, in order to obtain better financing.
The property located 835 W. Foothill Blvd. Claremont, CA was 100% leased to Sprouts Farmers Market at time of the sale. It was sold to Acquisition Group Inc. as a single tenant net leased fee interest investment. The single story building situated on 1.92 acres of land at the corner of W Foothill Blvd. & Mountain Ave is in prime location within the city of Claremont. The concrete tilt-up building was constructed in 1962 and was completely renovated in 2007. The Sprouts Farmers Market center is also co-anchored by a brand new Chase Bank branch.
The area boasts excellent demographics of over 17,020 people within a 1-mile radius with an affluent average household income of over $90,000 per year. The five-mile population shows 332,272 people with an average household income of over $77,000. The property is close to the Claremont Colleges, which are only a little over one mile east from this location with approximately 6,300 students, about 700 faculty, and 1600 staff and support personnel.
Kavian said, “This property presented buyer Acquisition Group Inc. with the opportunity to buy into the city of Claremont which is a very high barrier to entry market with no available sites for development. The uniqueness of the real estate combined with credit worthiness of the tenant was reflected in the in the low cap rate.”
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 member of NAI Global, a premier real estate service network with 375 local offices and 6,700 local market leaders 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.
NAI Capital Brokerage CA BRE #00806840.
To learn more, visit www.naicapital.com
About NAI Global
NAI Global is the single largest, most powerful global network of owner-operated commercial real estate brokerage firms. NAI Global provides a full range of corporate real estate services, including brokerage and leasing, property and facilities management, real estate investment and capital market services, due diligence, global supply chain and logistics consulting and related advisory services. NAI Global Member firms, leaders in their local markets, are actively managed to work in unison and provide clients with exceptional solutions to their commercial real estate needs. Founded in 1978, today NAI Global has more than 375 offices strategically located throughout North America, Latin America, Europe and Asia Pacific, with over 6,700 local market professionals, managing over 380 million square feet of property. Supported by the central resources of the NAI Global network, Member firms deliver market-leading services locally and combine their in-market strengths to form a powerful bond of insights and execution for clients with multi-market challenges.
NAI Global was acquired in 2012 by C-III Capital Partners, a leading commercial real estate services company engaged in a broad range of activities, including primary and special loan servicing, loan origination, fund management, CDO management, principal investment, online capital markets, title services and multifamily property management. C-III’s principal place of business is located in Irving, TX, with additional offices in New York, NY, Greenville, SC and Nashville, TN.
To learn more, visit www.naiglobal.com.
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J.C. Casillas
Director of Research and Public Relations
jcasillas (at) naicapital (dot) com
NAI Capital
16001 Ventura Blvd, Suite 200
Encino, CA 91436
naicapital.com
Tel +1 818 933 2433
Fax +1 818 905 2425
