La Palma Court was a remodeled shopping center in the heart of Anaheim, CA. The property was located just minutes from the area’s major attractions such as Knott’s Berry Farm (3.6 million visitors annually), Medieval Times, and Buena Park Downtown, a 1+ million square foot power center. In addition, the property was located in a dense, infill area with population counts exceeding 654,000 people in a five-mile radius. Furthermore, the property was adjacent to a recently redeveloped shopping center anchored by Rite Aid and Popeyes.
Sale and Return on Investment
The property was originally purchased for $1,800,000 with 35% down. OneV invested an additional $300,000 into capital and tenant improvements in order to maximize the property’s net operating income. After a brief marketing period, an all cash Buyer in a 1031 was secured who ultimately purchased the property at a price of $3,460,000, resulting in a return on investment of 178%.