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September 22, 2023
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Balboa Retail Partners Closes $7 Mil Retail Buy in the San Gabriel Valley


El Monte Plaza, a 60.3k sf retail center anchored by Northgate Market in the city of El Monte, was purchased by Balboa Retail Partners for $16.9 mil ($280/sf). The property was sold by Griffin Living.

Located at 3828 Peck Rd, El Monte Plaza is north of I-10 and west of I-605 in the San Gabriel Valley, east of downtown Los Angeles. This dense suburban pocket includes 115,000 residents comprising a majority Hispanic population. Additionally, the center is within El Monte’s prime retail corridor.

El Monte Plaza’s grocery anchor, Northgate Market, is an ethnic supermarket chain known for its Hispanic focus and authentic ingredients imported from Mexico. The center’s diverse tenancy is rounded out by Carl’s Jr., Taco Bell, Monte Dollar and other “mom and pop” tenants. Performance and traffic at the center through COVID have been strong, driving investor demand for suburban grocery-anchored centers.

Gleb Lvovich and Daniel Tyner with JLL Retail Capital Markets represented the seller in the deal.

“Investor demand for ethnic grocery-anchored retail is at an all-time high,” Tyner said. “The center’s strong performance and infill location will allow for continued growth at the property for many years to come.”

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