Update: HFF announced the closing of this sale on October 25, 2017. For a listing of current commercial real estate investment sales opportunities, please click here.
Holliday Fenoglio Fowler, L.P., (HFF) is exclusively marketing for sale Plaza Del Sol, a 165,528-square-foot grocery-anchored shopping center located adjacent to The Hollywood/Burbank Airport in the Los Angeles-area community of Burbank, California. Currently 100 percent leased, the retail property for sale is anchored by a top-performing Vallarta Supermarket and features a synergistic tenant roster well suited to community demographics. Additionally, the property offers significant upside via pad development and a fair market value adjustment in the anchor lease, while maintaining strong cash flow.
Plaza Del Sol includes nine separate condo units, which consists of a prototypical grocery-anchored center in the front and highly desirable industrial in the back that is leased to Oakwood Worldwide Housing, Diet to Go, Planet Fitness and Wet Design. These condo units can be held for cash flow growth or sold off to lower a potential investor’s basis and provide cap rate arbitrage. The Burbank industrial market is one of the most desirable infill markets in the country with virtually no space available for lease or for sale.
The property provides the opportunity to develop an approximately 900-square-foot retail pad site, providing immediate upside to investors. Current ownership is currently in negotiations with Starbucks to lease the pad site for development. Upon execution of the lease and completion of the development, investors will enjoy a boost in net operating income and experience more traffic to the property. Given Burbank’s extremely infill location, opportunities to develop are rare, making Plaza Del Sol a rare opportunity to acquire 11.4 acres in the heart of Burbank.
Plaza Del Sol offers investors the opportunity to acquire a dominant grocery-anchored center in an extremely infill and high density pocket of Burbank. The property is offered without existing debt, allowing investors to take advantage of historically low interest rates and achieve enhanced leveraged returns. For more information on Plaza Del Sol or other retail properties for sale, please contact Gleb Lvovich or Bryan Ley in HFF’s Orange County and Los Angeles offices. Click here for our real estate investment sales search page.
Holliday Fenoglio Fowler, L.P., acting by and through Holliday GP Corp., a real estate broker Licensed with the California Department of Real Estate, License Number 01385740.