February 12, 2020— Santa Fe Springs Promenade, a 111,925 square foot shopping center located at 11452-11568 Telegraph Road in Santa Fe Springs, California, has sold for $31,900,000. Kidder Mathews commercial real estate brokers, Tanel Harunzade, Darrell Levonian, and Brittney McCarthy, represented the buyer, a local family investor, in the transaction.
Santa Fe Springs Promenade is situated on 8.12 acres. It includes the main shopping center anchored by 99 Cents Only and four pads occupied by Starbucks, Bank of America, Jersey Mike’s, and Yoshinoya. It was 81 percent occupied at the time of sale with several tenants paying below-market rents, providing future upside for the buyer.
The shopping center consists of daily services and necessity-based retailers and is one of the few commercial centers serving the city of Santa Fe Springs. The site serves a highly dense, infill population of more than 218,000 with an average household income of $75,000 in a three-mile radius.
“Santa Fe Springs is an industrial and manufacturing based city. It has one of the lowest vacancy rates in Southern California, with a limited supply of commercial space. It is very hard to find over eight acres of infill land,” said Harunzade. “The property has future development potential for mixed-use with residential and retail,” he said.