HFF announces $12.55M sale and $7.05M financing of Sprouts Farmers Market in Whittier, California
NEWPORT BEACH, CA – September 11, 2017 – Holliday Fenoglio Fowler, L.P. (HFF) announces the $12.55 million sale of and $7.05 million financing for a 24,866-square-foot, single-tenant, triple-net-leased Sprouts Farmers Market store in the Los Angeles-area community of Whittier, California.
The HFF team marketed the property on behalf of the seller, CVK Street, LLC. A private, 1031 exchange investor purchased the asset free and clear of existing debt. Additionally, working on behalf of the new owner, the HFF team arranged the 10-year, fixed-rate, interest-only loan with a CMBS lender.
Completed in 2013, the property is fully leased by Sprouts Farmers Market, one of the nation’s leading grocers, on a triple-net-lease basis through 2028. The grocery store is situated on 3.4 acres at 15801 East Whittier Boulevard in a major retail trade area with daily traffic counts exceeding 37,000 on Whittier Boulevard and Santa Gertrudes Avenue. More than 170,000 residents earning an average annual household income of almost $105,000 live within a three-mile radius of the property.
The HFF retail investment sales team included managing director Gleb Lvovich and director Nicholas Foster.
The HFF debt placement team included senior director Greg Brown.
“We keep seeing strong interest for well-located grocery stores, specifically Sprouts Farmers Markets,” Lvovich said. “We are excited to continue to set the market for pricing Sprouts Farmers Market-anchored properties on the West Coast.”
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.
HFF and its affiliates operate out of 24 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment sales, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. Holliday Fenoglio Fowler, L.P., HFF Real Estate Limited (collectively, “HFF”), HFF Securities L.P. and HFF Securities Limited (collectively, “HFFS”) are owned by HFF, Inc. (NYSE: HF). For more information please visit hfflp.com or follow HFF on Twitter @HFF.