$23.5 million sale of Southern California Sprouts Farmers Market store closed by HFF
NEWPORT BEACH, CA – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the $23.5 million sale of a single-tenant, 32,873-square-foot building fully leased to Sprouts Farmers Market in the Southern California community of Culver City, California.
HFF marketed the property on behalf of the seller, Niki Properties. An undisclosed buyer purchased the asset in what is, according to HFF, a record pricing for the sale of a single-tenant Sprouts Farmers Market (Sprouts).
The trophy property is triple net leased to Sprouts, a natural and organic food retailer, through 2025. Situated on 2.63 acres at 5660 West Sepulveda Boulevard, the asset’s infill location is proximate to where the 405 Freeway and State Road 90 intersect, which have combined daily traffic counts of approximately 450,000 vehicles. The Sprouts property is in an affluent area of Culver City, a community 10 miles west of downtown Los Angeles, with median home values reaching $687,278 within a three-mile radius. The building is located directly across the street from Westfield Culver City, a one million-square-foot regional mall, and shares a parking lot with Office Depot, Bevmo and Bunnin Chevrolet of Culver City.
The HFF investment sales team representing the seller was led by Gleb Lvovich, Nick Foster, CJ Osbrink and Bryan Ley.
“As one of the top-performing Sprouts locations chain-wide, coupled with a core location in Los Angeles, the offering received tremendous interest from the entire investment community,” Lvovich said.
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.
Holliday Fenoglio Fowler, L.P., acting by and through Holliday GP Corp., a real estate broker licensed with the California Department of Real Estate, License Number 01385740.