Palmdale, CA - Towne Square
$19,607,000
2220 E. Palmdale Blvd, Lake Los Angeles, CA 93550
8
Cap Rate
1,568,605
NOI
Details:
Description:
SRS Investment Properties Group is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in Towne Square, which is comprised of Town Square East and Towne Square West (offered together or seperate - contact agent for details). Towne Square is a 77% occupied (combined), regional shopping center located in Palmdale, CA (Los Angeles County). Collectively, the asset contains 4 parcels totaling 21.80 acres and 147,926 SF of rentable space. Towne Square East is anchored by Universal Fitness Club and United States Postal Service with 2 single-tenant pad sites including IHOP and Doublz and a 3-tenant pad site. Towne Square West is anchored by Goodwill with 4 pad sites including Aaron’s, LA Care, Tokyo Steakhouse, and La Palma Restaurant. Towne Square features an internet resistant lineup comprised of health club, post office, furniture stores, and multiple restaurant pads. The site is also shadow anchored by Superior Grocers (NAP) and 99 Cents Only (NAP), which helps promote crossover shopping to the subject property.
Towne Square is located along East Palmdale Boulevard with 24,800 vehicles passing by daily and a combined 7 monument signs, providing increased visibility to the center. The site is also just 2.4 miles off of Aerospace Highway (79,000 VPD) with convenient on/off ramp access and 2.5 miles from the Palmdale Metrolink Train Station (5,800 daily riders), a train that travels directly into the city of Los Angeles. The asset is positioned on a dense retail corridor with nearby national/credit tenants including Super Target, The Home Depot, Ross, Vallarta Supermarkets, Fallas Paredes Discount Stores, Harbor Freight Tools, and more, further increasing consumer draw to the trade area. In addition, Towne Square is adjacent to Palmdale High School and across from Antelope Valley College (over 3,000 students per day), providing a direct consumer base to draw from.
The city of Palmdale is positioned within Los Angeles County, the largest county in the U.S. with a population of over 10,000,000 people. The 5-mile trade area is supported by a dense population of nearly 142,000 residents with an average household income of more than $70,500.
Location
Gallery
