February 14, 2020– SRS Real Estate Partners’ Investment Properties Group has announced the completion of the $32 million sale of Santa Fe Springs Promenade, a 111,925-square-foot shopping center, located at 11452-11568 Telegraph Road in Santa Fe Springs, CA (L.A. County). The center is 80 percent occupied by tenants including 99 Cents Only, AutoZone, Bank of America, Starbucks, and Jersey Mike’s, among others.
SRS’ Investment Properties Group Senior Senior Vice President Chris Tramontano and Senior Vice President John Redfield, along with WindWater Real Estate, represented the seller, an Orange County, CA-based private partnership. Tanel Harunzade with Kidder Mathews represented the buyer, a Los Angeles-based private investor who was in a 1031 exchange.
“This property offers the new ownership an immediate value-add opportunity to lease up the current vacancy at this extremely busy center in a densely populated L.A. County market,” said Tramontano. “Additionally, it is rare to have a property include pad buildings as they are usually sold off once an asset is developed. Future value can be created by redeveloping the center as well as by breaking up the four single-tenant net-leased pads and sold off individually.”
Situated on 8.12 acres, the property was built in different phases from 1953 to 1986. It is well-located at a signalized intersection which sees more than 60,000 vehicles per day and is less than one-half mile from the 5 freeway. Santa Fe Springs Promenade is located along Telegraph Road, the primary corridor for the City of Santa Fe Springs in a densely populated area with more than 218,000 people within a three-mile radius.