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11/08/19
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Glendale Center East, a 5.2k sf, retail center in Glendale, was purchased by an unidentified private investor for $3.3 mil, or roughly $636 per square foot. The property, located at 1100 S Glendale Ave, is a classic L-shaped strip center on a high density, main-on-main signalized intersection.
The property is anchored by a Subway sandwich shop and was 55% occupied at time of sale, including local retailers such as a jewelry shop and shoe repair store. The vacancy at the property will allow the new owner to reposition the site and create more upside.
Ken McLeod, Alex Vasquez and Patrick Ylagan of CBRE represented seller, JVE Property Partners LLC. The buyer was repped by an outside broker.
“We marketed this property as a value-add to attract a buyer who would recognize the opportunity and utilize the vacant space to reposition and upgrade the site,” noted Vasquez.
The most active retail tenant categories in the region as well as across the U.S. continue to be those in fitness, furniture, food, fashion, and fun, according to CBRE research. They are expected to remain the dominant drivers in Southern California due to their ability to cater to a consumer base seeking experience and convenience.
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