SRS Real Estate Partners’ National Net Lease Group (NNLG) recently completed the sale of a 34,199-square-foot single-tenant retail property located in Buena Park for $6.875 million. Occupied by Superior Grocers, an independent supermarket chain with more than 47 Southern California locations, the sale broke the record for lowest reported cap rate for a single-tenant grocery/supermarket property sold in California this year at 4.92%.
Managing principals Matthew Mousavi and Patrick Luther represented the seller – a partnership from Southern California – and procured the buyer: a private non 1031 investor based in SoCal as well. Built in 1996 on 1.72 acres at 6931 La Palma Ave., there are seven years remaining on its corporate guaranteed triple net lease agreement when it comes to this transaction’s terms and conditions.
