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11/03/23
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Las Tunas Plaza shopping center, a 17.5k sf neighborhood retail center in the city of San Gabriel, was acquired by a 1031 exchange investor in a $10 mil ($571/sf) transaction. The deal closed at a 4.74% cap rate.
Situated on 1.35 acres at 805-841 W Las Tunas Dr, at the corner of Las Tunas and Mission Blvd, the stabilized shopping center is 90% leased with multiple anchoring tenants including 7-Eleven (an original tenant of the center), Golden Deli, and Bopomofo Café. The property provides a gateway location at the base of the West San Gabriel neighborhood and is just north of the historic Mission District and just east of the vibrant Downtown Alhambra corridor.
Joseph Lising, Mitchell Neff, and Maureen Gitto of Cushman & Wakefield’s Southern California Retail and Capital Markets teams represented the seller, which had owned the property the last forty years. According to Neff, there were multiple offers for the property, which had been listed on the market for just two months before closing.
“A generational asset, this sale marked the first time since the 1980s that the center has sold, exemplifying the strength and quality of the commercial asset and the resilience and charm of the Historic San Gabriel Mission District,” said Joseph Lising, Managing Director. “Additionally, prior to this sale, there have only been two owners since the center was originally developed in 1981, further testimony of its remarkable location and longevity.”
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