Private investor buys property at 6% cap rate, occupied by 99 Cents Only and Harbor Freight Tools
SANTA CLARITA, CA – Feb. 15, 2018 –
Colliers International has negotiated the sale of a 45,429-square-foot retail center in Santa Clarita, Calif. to a private investor. The transaction was valued at $9,800,000.
Located at 23300-23314 Valencia Blvd., the property is situated in the heart of Santa Clarita's business-friendly retail hub and sold at a 6% cap rate, according to Colliers Executive Vice President David Maling who, along with Colliers Executive Vice President Chris Maling, represented the seller, DP Santa Clarita LLC, in the transaction.
Built in 1973 and renovated in 2012, the 3.54-acre site is 100% leased to 99 Cents Only and Harbor Freight Tools. David Maling added that Santa Clarita's low property taxes, zero utilities tax and other business benefits make it an attractive location for operators and investors alike.
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