Marcus & Millichap (NYSE:MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of a 56,000-square-foot Target store in the Huntington Park neighborhood of Los Angeles, California.
The property traded for nearly $50 million at almost $900 per square foot, making it the largest net lease retail sale of the year to date.
“This transaction represents a generational opportunity to acquire a best-in-class retail asset with a long-term triple-net lease in a trophy, infill location within Los Angeles,” said Alvin Mansour, executive managing director investments, The Mansour Group of Marcus & Millichap.
“Being the new presence in a world-class trade market is a win-win for Target and the buyer.” Mansour represented the seller, a private company. The buyer was a private investor from New York City utilizing a 1031 exchange.
The Target is located just seven miles from downtown Los Angeles. There are over 3.6 million people in within a 10-mile radius. “The opportunity to transact in one of the densest submarkets in the country helped generate a highly competitive sales process that included multiple bidders, private and institutional, despite rising interest rates and inflation,” added Mansour.