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10/26/17
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Plaza Del Sol, a 165.5k sf, fully leased, grocery-anchored community shopping center adjacent to the Hollywood Burbank Airport in Burbank, was purchased free and clear of existing debt by an unnamed private investor. The center, situated on 11.4 acres at 10950 Sherman Way, was sold by Tourmaline Capital, who acquired the asset in summer of 2014 for $26 mil ($156/sf).
Plaza Del Sol was completed in 1984 and served as a Costco store until a retrofit in 2005 and 2006 transformed the project into a mixed-use center with grocery-anchor street facing retail in the front and “last mile” industrial space in the back. The project also includes space for a future pad development.
In addition to a high-performing ethnic grocery store, the center is home to 23 tenants with food, fitness and last mile distribution uses. Plaza Del Sol is in an infill location adjacent to the Hollywood Burbank Airport (also known as the Bob Hope Airport), which is undergoing a $400 mil renovation to be completed in 2022. More than 251,896 residents earning an average annual household income of $72,759 live within three miles of the center.
Gleb Lvovich and Bryan Ley with HFF represented the seller in the transaction. The price was not disclosed.
“The sale of Plaza Del Sol reflects the incredible demand for ethnic retail along the West Coast,” Lvovich said. “The sale also demonstrates HFF’s market-leading pricing for ethnic retail centers, which is complemented by the recent $43 mil sale of Hawthorne Plaza also facilitated by HFF.”
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