The three.6-acre property the place the Cardenas Market is situated in Whittier has been bought by Jerry King of Hawaii to an undisclosed non-public investor based mostly in Los Angeles County for $14.eight million.
The 34,642-square-foot Cardenas retailer, 11750 Whittier Blvd., opened on July 1, 2020, taking the area the place Stater Bros. was situated for 20 years earlier than it closed in November 2019. A brand new Stater Bros. is anticipated to open on the opposite facet of Sorensen Avenue within the new Grovers residential/industrial mission.
“That is an irreplaceable location in Los Angeles County with a long-term lease and company assure from a extremely fascinating ‘every day wants’ tenant that provides a safe and secure funding,” Carlos Lopez, vice chairman for Hanley Funding Group that represented King, mentioned in a press launch.
There are greater than 453,000 folks with a family earnings in extra of $89,000 inside 5 miles of the property, Lopez wrote.
“Single-tenant grocery investments have remained one of the crucial sought-after as an important enterprise and every day wants tenant, which is recession-proof and internet-resistant,” Lopez mentioned.
“This continued demand represents a flight to security and safety and contains Hispanic markets like Cardenas and El Tremendous, natural markets like Entire Meals and Sprouts, and discount-oriented markets like ALDI, Grocery Outlet and Sensible & Closing. We count on the demand for these tenants to proceed all through 2021.”
Stater Bros. opened its retailer about 20 years in the past, changing a Fortunate’s Market which had opened in 1968.
The $14.eight million worth reveals that Whittier Boulevard is doing effectively, Whittier Councilman Fernando Dutra mentioned.
“Costs on Whittier Boulevard have appreciated as a result of the market is sizzling,” Dutra mentioned. “It’s an awesome place for a market. “
CBRE Govt Vice President Gary Stache, King and Cardenas didn’t return telephone calls on Friday in search of remark.