2200 Palmdale Blvd Palmdale, CA 93550

Property Details for 2200 Palmdale Blvd

Year built

1987

Lot size

14.00 lot acres

Property size

91,993 SF

Property type

Lifestyle centers

Property subtype

Power centers

Description

Town Square East Plaza presents a compelling value-add opportunity in Palmdale, CA. This 91,993 square foot shopping center, built in 1987 and renovated in 2007, boasts five buildings on a 14-acre lot with C-3 zoning. Currently 93% occupied, the property features a diverse tenant mix including a United States Post Office, Crunch Fitness, Los Angeles County Medical, and Doublz Burgers, shadow-anchored by Superior Grocers. The center benefits from a high-traffic location on Palmdale Boulevard, with over 60,000 vehicles passing daily, and seven points of ingress/egress. Significant recent capital improvements totaling nearly $500,000 and $5,000,000 in tenant improvements enhance the property's appeal. The asking price is $20,500,000, representing a current cap rate of 6.80% and a pro-forma cap rate of 8.80%, with a current NOI of $1,391,358 and a pro-forma NOI of $1,842,346. The property includes over four acres of undeveloped land, offering substantial expansion potential. Leases with franchisees are in place, commencing September 9, 2015, and expiring August 30, 2030. The property's strategic location near the Antelope Valley Freeway (SR-14) and a newly constructed Antelope Valley College campus further enhances its long-term prospects. This investment offers significant upside through leasing vacant space and capitalizing on the strong tenant base and prime location. The price per square foot is $222.84, and the land value is $33.97 per square foot.