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December 18, 2018
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TA Realty Buys El Monte Community Shopping Center

11/19/18

Santa Fe Trail Plaza, a 112.3k sf community shopping center in El Monte, was acquired by Newport Beach-based TA Realty. The price was not disclosed.

Recently completed in 2016, Santa Fe Trail Plaza is situated on 9.2 acres of land at 10601-10761 Valley Blvd and 10714 King Court in El Monte, roughly 29 minutes east of downtown Los Angeles. The grocery-anchored community center is leased to high-performing, national and regional credit tenants including Superior Grocers, Ross Dress for Less, Petco, Five Below (opening soon), Starbucks (drive-thru), Subway, Jack In the Box, AT&T, Chipotle, Jersey Mike’s, Flame Broiler, Wing Stop, UPS and others.

Sean Heitzler, Kirk Brummer and Phil Voorhees with CBRE’s National Retail Partners-West team represented the seller, a joint-venture partnership of the Festival Companies of Los Angeles and Hutensky Capital Partners (HCP) of Hartford, Connecticut. TA Realty was also represented by the NRP-West team. CBRE tells us that their marketing program for the property generated 395 confidentiality agreement/offering memoranda distributed and multiple offers to purchase the property.

“This transaction once again demonstrates that high-performing grocery-anchored centers located within dense, infill trade areas continue to be in high demand, particularly from institutional investors,” said Brummer.

“Densely populated, urban locations featuring value-focused, necessity tenants with complementary food and beverage uses provide the highest resistance to internet competition. And, with retail’s comparatively low floor area ratio (FAR) compared to other commercial property types, this property will permit the widest possible array of future uses and the opportunity to increase density in the future,” said Voorhees. “Festival Companies builds timeless, high image, functional retail projects in trade areas with high barriers to entry. Santa Fe Trail Plaza promises only to improve in the years to come.”




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