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12/17/14
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South Hills Plaza, a 120.6k sf community shopping center in the San Gabriel Valley city of West Covina, was purchased by LT Global (LT Holdings in the US), a Hong Kong-based publicly-traded investment firm. The property sold for $20.7 mil ($172/sf), representing a 6.8% cap rate.
South Hills Plaza is anchored by Marukai Market and 24 Hour Fitness, along with national brand names and regional favorites including Taco Bell, Subway, USPS, and Charter Communication. Built in 1982 with additional renovations made in 2005, South Hills Plaza is situated at a 9.43-acre site at the signalized hard corner location of Azusa Ave and E. Aroma Dr. The entire site is owned, no pads have been sold.
Phil Voorhees, Jimmy Slusher, Megan Read, Matt Burson, Brad Rable and John Read of CBRE’s National Retail Investment Group – West (NRIG-West) represented the seller, a Los Angeles-based partnership. The buyer was also repped by Voorhees and the NRIG-West team.
“South Hills Plaza is our team’s inaugural transaction with a publicly-traded, Hong Kong-based real estate investor directly acquiring US retail; we typically reach foreign investors through other financial advisors, CPAs and attorneys,” said Voorhees.
With this closing, CBRE’s NRIG-West team has closed 106 transactions since the start of 2012 for a total consideration of $2.28 bil. In total, the NRIG-West team has listed and sold more than $8.24 bil in retail transactions. Select NRIG-West Team listings include Tucson Place in Tucson, AZ (best offer); White Lane Village in Bakersfield, CA (listed for sale for $7.36 mil); PetSmart at Tri-City Corporate Centre in San Bernardino, CA (listed for sale for $4.2 mil), to name a few.
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