Peter Nguyễn Acquires Retail Strip Center In Norwalk From Alejandro Militello For $2.688M

9,946 SF unanchored retail strip center located at 13560 San Antonio Drive, Norwalk, California. The property was sold for $2,688,000, with a price per square foot of $270. It is positioned on the signalized corner of San Antonio Drive and Foster Road, providing excellent visibility and access to the CA-5 Freeway. The retail strip center was fully occupied with multiple month-to-month tenancies, offering stable in-place income with historical occupancy.

Summary of transaction details:

• Property Type: Retail
• Transaction Amount: $2,688,000
• Sale Price per Square Foot: $270
• Square Footage: 9,946 SF
• Buyer: Peter Nguyễn
• Seller: Alejandro Militello
• Brokers: Ara Rostamian, Aren Ohanian & Orbell Ovaness - Marcus & Millichap
• Market: Norwalk
• In-place CAP rate: 5.34%

The deal saw significant engagement with over 14 qualified offers generated despite the ongoing market volatility and elevated interest rates. The brokers successfully negotiated the transaction, collaborating with multiple agents and presenting the best offer from a family represented by their own agent. The property also presents potential upside through repositioning or lease-up strategies.