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8/26/19
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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.
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