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April 5, 2020
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Azusa Retail Center Sells for $18.6 Mil

3/18/20

In a recent SoCal retail buy, Solana Beach-based Gerrity Group paid $18.6 mil for University Promenade, a 74.8k sf ($249/sf) retail shopping center in Azusa, within the San Gabriel Valley. The high profile center is situated across from the Azusa Pacific University and Citrus College campuses.

The property was sold by Azusa Pacific University. The University will maintain their current occupancy within a portion of the center, now as a tenant.

Developed in the mid-1980s, University Promenade is located at 900-962 E. Alosta Ave and sits on a single 5.6-acre parcel. In addition to its position next to two major college campuses, the center is also ideally located at the hard corner of the heavily trafficked intersection of Alosta and Citrus avenues, providing exceptional accessibility and visibility.

Dixie Walker, Michael Romero and Brandon Emrick with Cushman & Wakefield’s Orange County office represented the seller in the deal.

“This was an exceptional value-add opportunity to acquire an irreplaceable asset with a dominant location adjacent to two Universities and a well-established residential community in the San Gabriel Valley,” said Walker. “University Promenade is a dominant neighborhood strip center that was 86% leased at the time of sale setting the stage for a value-added repositioning based on primary anchors, which include two popular international restaurant chain brands, together with other strong regional tenants with long term occupancies.”

Romero added, “The East San Gabriel Valley retail submarket has performed very impressively with vacancy at sub 5%, while also having significant barriers to entry.”




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