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8/30/24
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Puente Hills Mall, a 56.41-acre retail mall in the City of Industry, was acquired by a joint venture between RCB Equities and Real Estate Development Associates LLC (“REDA”). The Mall, once a bustling retail hub in the heart of the San Gabriel Valley, is viewed as a transformative redevelopment opportunity, offering the potential for a multitude of uses.
Although we don’t have the sales price, we do know that the purchase was financed with a $115 mil acquisition loan. The non-recourse, three-year, floating-rate loan was provided by Hankey Capital. Mark Wintner with JLL Capital Markets arranged the financing.
Located at 1600 S Azusa Ave, Puente Hills Mall is conveniently situated right by SR-60, in close proximity of multiple other major freeways like the SR-57, I-10 and I-605. The City of Industry, in eastern Los Angeles County, is almost entirely dedicated to industrial activities, containing over 3,000 businesses employing more than 67,000 people.
RCB Equities and REDA recognize the mall's immense potential for redevelopment and are committed to revitalizing the property. The team plans to work closely with the City of Industry to formulate a redevelopment plan that aligns with the city's vision for long-term prosperity.
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