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4/04/18
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In a recent retail acquisition out of the San Gabriel Valley, a private investor purchased La Verne Courtyard, an 84.4k sf shopping center anchored by ALDI and Orchard Supply Hardware (OSH) in La Verne. The purchase price was not disclosed.
Built in 2000, La Verne Courtyard shopping center is located on 7.30 acres at 2204--2278 Foothill Blvd, at the corner of Foothill Blvd and White Ave, a well-traveled intersection in the city of La Verne with an average daily traffic count of approximately 42,500 cars per day. Other national tenants located at the intersection include Target, Kohl’s, Marshalls, Staples, Chipotle, El Pollo Loco, Jimmy John’s, McDonald’s, Panda Express, Panera Bread, Starbucks and Wingstop.
La Verne Courtyard includes 97% national and regional tenants including ALDI, Orchard Supply Hardware, Jersey Mike’s Subs, Pacific Dental, OneMain Financial, Pizza Hut and Rubio’s. Most of the current tenants had either executed new leases or extended their existing leases since 2012 providing the buyer with a secure and stable investment with an attractive historical occupancy history.
Ed Hanley, Bill Asher and Kevin Fryman with Hanley Investment Group Real Estate Advisors represented the seller, a private investor based in West Hollywood. The buyer was repped by Wendy Wong and Katherine Quach from Treelane Realty Group of Temple City.
“This sale highlights the continued demand for well-located grocery-anchored shopping centers leased to internet-resistant tenants,” said Asher. According to Asher, the buyer had been seeking a multi-tenant investment after owning mostly a portfolio of single-tenant net leased assets.
“The sale is also a reflection that investors are continuing to have a better understanding of ALDI as a competitive grocer in the Southern California market,” said Asher. “ALDI continues to expand and open new stores; going head to head with Walmart to cater to the discount, low price minded consumers. Investors are getting more comfortable that they are here to stay and won’t be a flash in the pan grocer like Fresh and Easy.”
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