February 13, 2020
A local family investor has acquired a 111,925-square-foot shopping center located at 11452-11568 Telegraph Rd. in Santa Fe Springs for $31.9 million. The eight-acre property, Santa Fe Springs Promenade is anchored by 99 Cents Only, and features four pads occupied by Starbucks, Bank of America, Jersey Mike’s, and Yoshinoya.
A Kidder Mathews team of Tanel Harunzade, Darrell Levonian, and Brittney McCarthy, represented the buyer in the transaction, with SRS’ Chris Tramontano and John Redfield, along with WindWater Real Estate, representing the seller.
While only 81 percent occupied at the time of sale, the property is one of few shopping centers serving the city of Santa Fe Springs and more than 218,000 local consumers with an average household income of $75,000 in a three-mile radius.
According to Harunzade, “It is very hard to find over eight acres of infill land [in Santa Fe Springs]. The property has future development potential for mixed-use with residential and retail.”
Connect Los Angeles 2020 is coming up on March 26. It will bring together leading local, regional, and national developers, investors, owners, brokers, financiers and other major players for an afternoon of informative panel discussions, plus networking and cocktails. For more information, or to register, click here.
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