An Anaheim retail property home to Home Depot’s largest West Coast outlet has hit the market, with a price tag of $60.7 million.
The sprawling single-tenant property at 1095 Pullman St. is within the Savi Ranch retail corridor, just north of the Riverside (91) Freeway.
It totals north of 225,000 square feet on 18 acres of land, including a 178,660-square-foot building, and a 46,750-square-foot garden center. It also has 923 parking spaces.
The price for the property works out to about $269 per square foot.
SRS Real Estate Partners’ National Net Lease Group, which operates out of Newport Beach, has the listing, with Senior Vice President Michael Walseth leading marketing efforts.
The site’s been owned by N.Y.-based Maxim Properties since 2005, according to property records.
“This is quite possibly the nation’s highest profile, single-tenant offering currently on the market,” Walseth said.
“With an irreplaceable, affluent Orange County location; no landlord responsibilities, corporate-guaranteed credit lease, and substantial building and site size, it features all the fundamentals institutional-grade investors are seeking in a [single-tenant net lease] asset.”
Second Largest in US
The listing includes the ground lease and land ownership of the property. Marketing documents for the offering said the current price reflects a capitalization rate of 4%.
There’s six years left on Home Depot’s lease, with options for the tenant to extend its term there.
The building was constructed in 1995 and renovated in 2012, when Home Depot first opened the location. According to SRS, it’s Home Depot’s second-largest location nationally.
If sold at its asking price, the deal would mark the largest retail sale in Anaheim since 2018, when the Anaheim GardenWalk shopping center traded for $80 million, or $186 per square foot, according to data from real estate market tracker CoStar Group Inc.
It would also be the second-largest retail sale in the past year in Orange County, trailing Gary Jabara’s $65 million buy of Surf City’s 5th & PCH retail-focused mixed-use property a few months ago.
