The Small Space Marketplace

List Your Space

Find Space

Home About Us Executive Subscriber Membership RENTV Conferences Newsletter Contact Us Advertise
March 29, 2024
 Search RENTV
   Go!
 The REview
 News
News Home Page
Southern California
Northern California
Pacific Northwest
Texas/Southwest
Retail
Multifamily
Financing
Prop. Management
Archives
Press Releases
 R. E. Marketplace
Service Providers
JobWorks
Property Spotlight
 RENTV  Conferences
Subscriber Login:
  
Email      
    Go!
Password      
Forgot Password?



RETAIL NEWS
Printer-friendly Version   Email an Associate
Tri-Cities Retail Center Trades at a Hefty Price

6/05/15

A CBRE Global Investors-advised fund recently closed on the purchase of Gateway at Burbank, a 74.4k sf, two-building grocery-anchored shopping center in Burbank. Although the actual price has not been given out, the deal reportedly closed at a price of $48.6 mil, which works out to a very impressive $650/sf.

We’re told that the transaction allegedly represents the largest sale of a Class A, grocery-anchored neighborhood shopping center in greater Los Angeles since 2007, a year before The Great Recession. It was sold by Santa Barbara-based Invest West and Santa Barbara Capital, who acquired the property in the second half of 2008 for around $40 mil.

Gateway at Burbank is located on roughly six acres at 25-113 E. Alameda St, east of the I-5 at San Fernando Rd, near the center of Burbank’s well-trafficked retail core. The center is comprised of a free-standing Ralphs Grocery Store on its own parcel and a multi-tenant, fully occupied building anchored by a CVS drug store. Other tenants include Baskin-Robbins, Starbucks and Habit Burger Grill. There is ample parking.

Colliers International Executive Vice Presidents Tom Lagos and Jereme Snyder, and Associate Vice President El Warner, represented the seller in the deal.

According to Warner, the physical location of the center was a strong selling point. Not only is it adjacent to the largest IKEA store now under construction in the United States, but it also features high-profile exposure along the Golden State Freeway (I-5) and direct frontage along San Fernando Blvd and East Alameda St, two of the area’s main arterial highways. The center also benefits from a corner location and a signalized entrance.

“Tenant space demand for Los Angeles retail is strong and is expected to continue,” said CBRE Global Investors Managing Partner Kim Hourihan. ”With easy access to major transportation corridors, executive housing and numerous destination retail amenities, our acquisition of this dominant grocery- and drugstore-anchored center with proven sales history represents the blend of a strong neighborhood center in an urban location.”

Recent census studies have put the number of households within a three-mile radius of the center at 66,127 with steadily rising traffic counts. Retailers like the new IKEA store and other national chain retailers that are located in the immediate area of the center are expected to drive traffic counts even higher.

“There was no lack of potential buyers as we were marketing the property,” added Lagos. “It was only a matter of which investment group could meet the seller’s requirements in the most efficient manner possible.”





Return to the Archive page
 
 
 
 
 



Home | About Us | Newsletter | Contact Us | Executive Subscriber Membership | Executive Subscriber Home | Advertise
Southern California | Northern California | Pacific Northwest | Southwest | Retail | Multifamily | Financing | Property Management
Archives | Press Releases | Service Providers | JobWorks | Property Listings

Copyright © 2024 by RENTV, All Rights Reserved
Website designed by Regency Web Services, Inc. and powered by Lightning Media