Palmdale, CA - Smart & Final and Barnes & Noble

Description:

SRS National Net Lease is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in a 100% occupied, two-tenant, Smart & Final and Barnes & Noble investment opportunity located in Palmdale, California. The tenants have 9.7 years of weighted term remaining and operate under corporate signed, NNN leases. Barnes & Noble recently signed a 10-year lease extension with 2 (5-year) options to extend, demonstrating their commitment to the site. The lease also features $1.00 PSF rental increases every 5 years throughout the term and option periods, increasing NOI and hedging against inflation. Smart & Final is an established, California-based grocery store chain with over 250 locations. Barnes & Noble is the largest retail bookstore chain in the United States with more than 630 stores. Smart & Final reports exceptional store sales - contact agent for details.

The subject property is strategically located near the signalized, hard-corner intersection of 10th St. W. and Technology Dr., averaging a combined 47,300 vehicles passing by daily. Additionally, the site profits from nearby direct on/off ramp access to State Highway 14 (89,000 VPD), a heavily-traveled commuter freeway traveling from north Los Angeles into Palmdale and the greater Antelope Valley Region. The asset is ideally located within Palmdale Marketplace, a 214,000 SF Power Center anchored by Target, Lowe’s Home Improvement, and Sprouts. The surrounding retail corridor also includes the Antelope Valley Mall (1,000,000 SF), and several national/credit tenants such as the Home Depot, T.J. Maxx, Walmart Supercenter, and more, promoting crossover store exposure to the site. Furthermore, the asset is located near the Palmdale Regional Medical Center (184 beds), as well as an Amazon Distribution Center and several aerospace facilities for major players such as Boeing, Lockheed Martin, Northrop Grumman, and the U.S. Air Force. The high concentration of employees in the trade area significantly increases consumer traffic to the site. The 5-mile trade area is supported by over 125,500 residents, 38,900 employees, and a hospitality cluster of 15+ hotels, providing a steady consumer base from which to draw. Residents within 1 mile of the subject property boast an affluent average household income of $119,253. Palmdale is continually ranked among the fastest-growing U.S. cities, in April 2025, Palmdale home prices increased by 2.9% compared to the previous year.