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 this year at 4.92%.
Matthew Mousavi and Patrick Luther – managing principals of SRS NNLG – represented the seller; a partnership from Southern California and procured the buyer; a private non 1031 investor based in SoCal as well. Built on 1.72 acres in 1996, 6931 La Palma Ave is subject to seven years remaining on its corporate guaranteed triple net lease agreement at time of closing.
