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?



SOUTHERN CALIFORNIA NEWS
Printer-friendly Version   Email an Associate
Grocery Anchored Center in the San Gabriel Valley Fetches $30 Mil

8/26/19

Monrovia Landing, a 96.9k sf, grocery-anchored retail center in the San Gabriel Valley city of Monrovia, sold for $30.5 mil ($315/sf). The asset was sold by a partnership between Telos Capital, a Pasadena-based private real estate investment firm, and Warner Pacific Properties, a real estate development firm.

The property, located at 723-737 E. Huntington Dr, is 100%-leased to high-performing, national credit tenants Aldi, TJ Maxx/Home Goods, ULTA and O’Reilly among others. Situated on over six acres, Monrovia Landing is adjacent to 24-Hour Fitness and Trader Joe’s corporate office.

Patrick Wade, Alex Kozakov, Sean Heitzler, Jimmy Slusher and Philip Voorhees with CBRE’s National Retail Partners-West (NRP-West) represented the seller, a partnership between Telos Capital, a Pasadena-based private real estate investment firm, and Warner Pacific Properties, a real estate development firm. The buyer, based out of Los Angeles and represented by Marcus & Millichap (Sheila Alimadadian), purchased the asset as a 1031 exchange from a prior sale.

“Investor demand for the site was fueled by the quality of the tenants, thoughtfully executed site redevelopment and the San Gabriel Valley location,” said Slusher. “From a tenant perspective, Monrovia Landing is a classic example of retailer demand for access to well-located, infill locations in core markets. While the site didn’t make sense for the previous tenant, it’s a fantastic fit for this new group of value-oriented tenants, each benefiting from proximity to each other. The site should continue as a retail staple for the local community and a consistent stable investment for the buyer.”

After acquiring the property in 2016, Warner Pacific Properties began a re-tenanting and repositioning program for the center.

“With only six tenants on long-term NNN leases, Monrovia Landing was an ideal 1031-exchange investment,” said Wade. “The majority of offers received were from private investors that were attracted to the best-in-class tenant roster consisting of internet-resistant grocery, food, fitness, auto parts and apparel businesses.”

According to Slusher and Wade, CBRE’s marketing efforts produced more than 467 confidentiality agreements/offering memoranda distributed and, through the team’s “managed bid” offer process, generated seven offers and competitive bidding to purchase Monrovia Landing.






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