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| Sprouts Farmers Market, Culver City, CA |
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| Gleb Lvovich |
NEWPORT BEACH, CA –
Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the $23.5 million
sale of a single-tenant, 32,873-square-foot building fully leased to Sprouts Farmers Market in the Southern
California community of Culver City, California.
HFF marketed the property
on behalf of the seller, Niki Properties.
An undisclosed buyer purchased the asset in what is, according to HFF, a
record pricing for the sale of a single-tenant Sprouts Farmers Market
(Sprouts).
The trophy property is
triple net leased to Sprouts, a natural and organic food retailer, through
2025. Situated on 2.63 acres at 5660
West Sepulveda Boulevard, the asset’s infill location is proximate to where the
405 Freeway and State Road 90 intersect, which have combined daily traffic
counts of approximately 450,000 vehicles.
The Sprouts property is in
an affluent area of Culver City, a community 10 miles west of downtown Los
Angeles, with median home values reaching $687,278 within a three-mile radius.
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| Nick Foster |
The building is located directly across the
street from Westfield Culver City, a one million-square-foot regional mall, and
shares a parking lot with Office Depot, Bevmo and Bunnin Chevrolet of Culver
City.
The HFF investment sales
team representing the seller was led by Gleb
Lvovich, Nick Foster, CJ Osbrink and Bryan Ley.
“As one of the
top-performing Sprouts locations chain-wide, coupled with a core location in
Los Angeles, the offering received tremendous interest from the entire
investment community,” Lvovich said.
For a complete copy of the company’s news release,
please contact:
Kristen M. Murphy
Director
HFF | One Post Office
Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 |
Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com
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