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July 14, 2024
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Pine Tree Spends $64 Mil on Glendale Retail Center


Chicago-based Pine Tree has purchased Glendale Marketplace, a 154k sf, urban retail center in Glrendale, for $64.1 mil ($416/sf). The property, situated on 2.2 acres at 106-146 S. Brand Blvd, was sold by EB Arrow.

Glendale Marketplace is 94.8% leased to an impressive variety of some of the most popular fitness, home furnishings restaurant and discount store retailers in the country, including Ross Dress for Less, LA Fitness, HomeGoods, Five Below, Buffalo Wild Wings and Old Navy. Constructed in 1998, the property offers a large pedestrian alleyway lined with retail suits and has ample parking augmented by an adjacent public parking garage owned by the city.

The retail center is located in the urban infill city of Glendale, which, with a population of more than 595,000, is the third largest city in Los Angeles County. Glendale Marketplace is in a rapidly expanding trade area that has added more than 2,100 multi-housing units within walking distance in the past five years, and more than 238,200 residents live within a three-mile radius with an average annual household income of $96,384.

Gleb Lvovich, Bryan Ley, Geoff Tranchina and Daniel Tyner with JLL Retail Capital Markets team represented the seller in the transaction.

“We are extremely excited and bullish on big-box retail, especially in urban areas,” Lvovich said. “With retailers efficiently utilizing their stores to facilitate in-person shopping, returns and last-mile fulfilment, bricks and mortar have never been more relevant.”

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