A big deal in Palmdale totaling $10.2 million has shaken up the retail sector in the area.
SRS Real Estate Partners completed the sales of three retail properties that are part of a larger complex called Palmdale Marketplace. Located at 39340 10th Street W in Palmdale, it’s a 214,000-square-foot power center anchored by Target, Lowe’s Home Improvement and Sprouts.
The biggest asset to sell was a 5,958-square-foot property fully occupied by Jamba Juice, Baskin Robbins and Harbour Sushi. The site sold for $4 million.
A 4,875-square-foot property fully occupied by Five Guys and Café Rio sold for $3.375 million to the same buyer.
A 4,022-square-foot single-tenant property occupied by IHOP sold for $2.5 million to IHOP corporate parent Dine Brands Global Inc. as an owner/user.
The remaining three properties that are being sold as part of the break-up strategy are currently on the market. Those properties include Vitamin Shoppe, O’Reilly and the Shops at Palmdale Marketplace.
Palmdale Marketplace is located within close proximity of State Highway 138 and 14.
In 2021, SRS’ Investment Properties Group and National Net Lease Group completed more than $3.1 billion in deal volume consisting of 899 transactions in 49 states. SRS currently has more than $2 billion worth of properties on the market, with nearly 465 properties sold year to date.
Palmdale has seen some big moves in recent months, primarily in the industrial sector. In April, Dallas-based Covington purchased a vacant 77-acre site for $6 million. The developer plans to build an industrial warehouse spanning more than 1 million square feet at the site, located at 400 W. Avenue M.
In August, Lockheed Martin Corp. completed construction on an expansion project at its Skunk Works campus, which will accommodate 450 employees.