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37050 47th Street E - The Place On 47th, Palmdale, CA

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37050 47th Street E - The Place On 47th

Palmdale, CA 93552-4449 - Antelope Valley Submarket

Property Type:Retail Sub Type:Restaurant Status:Existing Year Built:2002
Building Size:4,149 SF Land Area:.61 AC (26,502 SF)
For Sale Price:$3,950,000 Price/SF:$952.04
Cap Rate:4.42 %
Parking:Free Surface spaces are available
Features:Bus Line, Dedicated Turn Lane, Signalized Intersection

37050 47th Street East in Palmdale is an absolute NNN lease Denny's Restaurant with 18 years remaining on the original lease term. The current lease commenced on August 13, 2007, and has an original term of twenty years, expiring on August 13, 2027. There are two, five year options. The lease includes Seven Percent increases every five years beginning 2010. The Franchisee operates two other locations.

The building is approximately 4,149 square feet and it is situated on a 26,502 square foot parcel of land. Surrounding the property are numerous retailers including Wal-Mart, Lowe’s, Big 5 Sporting Goods and Walgreen’s Pharmacy.

Denny's (also seen as Denny's Diner on some of the locations' signage) is a full-service coffee shop/family restaurant chain in the United States. It operates over 2,500 restaurants in the United States (including Puerto Rico), Canada, Curaçao, Costa Rica, El Salvador, Jamaica, Japan, Mexico, and New Zealand. Denny's is known for always being open, serving breakfast, lunch, and dinner.

Sale Notes:
-Long term 20 year lease with 12 years remaining, and options to extend
- Building constructed in 2002 s Operated by well established Denny’s franchisee
-Located on the outparcel of a major retail center anchored by Lowe’s, Walmart, Jack In The Box, Walgreens, Big 5 Sporting Goods
-On a major commercial corridor of Eastern Palmdale, in a well established retail district
-47th Street also acts as Highway 138, which is a major regional highway in the Palmdale area

Newmark Grubb Knight Frank
Jonathan Dadourian
(310) 407-6567

David Ghermezian
(310) 407-6573

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