|Pacific Plaza Shopping Center, a 49k sf shopping center located at 2544-98 South Archibald in the city of Ontario, recently sold for $7.4 mil ($151/sf). It was sold by Westwood Financial Corp, one of the largest owner-operators of shopping centers in the U.S.
Built in 1989, Pacific Plaza currently contains 22 suites and is 58 percent leased. Current tenant include 24 Hour Fitness (NAP), Taco Bell, Manila Bay Seafood, Pizza Hut, Frazee Industries, Bank of America and Vineyard of Hope.
Alan Kruger of Marcus & Millichap represented Westwood Financial. The buyer was Baldwin Park LLC.
“This transaction is the latest in our firm’s overall plan to rebalance our portfolio, as the funds generated here will be reinvested in grocery-anchored properties in the Southeast,” said Westwood Financial Executive VP Joe Dykstra.