The retail property that hosts Home Depot in Glendale has sold for $61.8 million.
Located on 5040 W. San Fernando Road at the corner of Colorado Boulevard, the property features a 94,500-square-foot Home Depot store and an 18,000-square-foot outdoor Home Depot garden center. The 7.86-acre parcel has primary frontage on West San Fernando Road.
Newmark Vice Chairman Bill Bauman, Executive Managing Director Kyle Miller and Associate Director Mark Schwartz represented seller Decron Properties. The buyer, Charing Cross Partners, is a private Los Angeles-based real estate partnership.
“We were pleased to represent Decron Properties in the sale of this single tenant Home Depot in a dense, affluent and high barriers-to-entry Los Angeles submarket,” Bauman said in a statement. “In addition to the appeal of the existing asset and cash flow, the property’s favorable zoning offers the buyer significant intrinsic real estate value facilitating future redevelopment for multifamily or alternative uses.”
The Home Depot property was the most expensive component in a trio of transactions by the same Newmark team with Decron that amounted to more than $100 million. The other elements included a 29,456-square-foot, single-tenant Amazon Fresh facility in Los Angeles, which sold for $35 million; and a 4,000-square-foot, single-tenant Chick-Fil-A location in Los Angeles, for $13.7 million. A Newmark statement described the latter as “the highest priced Chick-Fil-A ever sold.”