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May 22, 2024
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EDENS Picks Up LA. County Retail Portfolio for $136 Mil


EDENS has acquired a portfolio of three grocery-anchored shopping centers comprising over 400k sf in Los Angeles County for a price of $136.8 mil, or around $340/sf. The properties were sold by Combined Properties Inc.

One of the properties, The Commons at La Verne, is located in the San Gabriel Valley city of La Verne. It totals 120.7k sf and is anchored by Vons and Ross. A second property, Montebello Mix, is located at the signalized intersection of West Beverly Blvd and Montebello Blvd in Montebello and spans 216.4k sf. The shopping center is 94% occupied with anchor tenants including Vons, Rite Aid, Ross Dress for Less and Marshalls. The third asset is Foothill Plaza, totaling 65k sf. It is located at 1375 Foothill Blvd in La Verne, anchored by Sprouts Farmers Market and Bank of America.

The three shopping centers are well positioned in dense, infill submarkets of Los Angeles County, populations exceeding 91,000 people and incomes above $94,000 within a three-mile radius of each property.

Newmark Vice Chairman Pete Bethea and Senior Managing Directors Glenn Rudy and Rob Ippolito partnered with Vice Chairman Bill Bauman and Executive Managing Director Kyle Miller in representing Beverly Hills-based Combined Properties in the deal. EDENS is an institutional investor primarily focused in the retail sector with over 120 assets across 31 markets in the United States.

According to Newmark Research, investment sales across all property sectors declined 23% year-over-year and 27% quarter-over-quarter in the third quarter of 2022. Even so, it was the second best third quarter on record. Retail was the only sector to increase investment sales year-over-year.

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