June 22, 2018
Walnut Town & Country, a 22,322-square-foot multi-tenant retail center in Walnut, CA, has traded hands. The 95% occupied asset sold for $10.75 million, and at a 5.3% cap rate, the lowest achieved in the market for a center of its type over $10 million since 2014.
Built in 1988 and situated on 1.27 acres at 1205-1243 North Grand Ave., the property is home to such tenants as Jack in the Box, Subway, Wing Stop, Lollicup and Mathnasium.
Faris Lee Investments’ Shaun Riley represented the seller, an unnamed Oregon-based family trust, as well as the buyer, an undisclosed Northern California-based family trust.
“This was the first time Walnut Town & Country has sold in 20 years,” said Riley. “This well-maintained property was attractive to prospective buyers, as it is in a very strategic San Gabriel Valley location, across the street from Mt. San Antonio College and serves an affluent trade area.”
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