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Grocery-Anchored Center Sells For $16M

PALMDALE, CA-GlobeSt.com learns exclusively that Palmdale Gateway, a Hispanic grocery-store-anchored shopping center, changes hands.

By Carrie Rossenfeld | Updated on September 12, 2012

PALMDALE, CA-GlobeSt.com has exclusively learned that Tarzana, CA-based Highpoint Capital LLC has purchased Palmdale Gateway, a 100,000-square-foot, grocery-anchored shopping center located at 1703-1823 E. Palmdale Blvd. here, from a privately held LLC for $16.5 million. The property, which sits on 9 acres composed of 12 parcels, is anchored by a Vallarta supermarket.

“As a value-add buyer, this deal fell into our sweet spot of buying mid-sized deals from $5 million to $30 million that are out of favor due to being located in a secondary market, vacancy issues or redevelopment needs,” Jeffrey Seltzer, president of Highpoint Capital.

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