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4/16/24
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TRC Retail acquired La Canada Flintridge Town Center, a 115k sf regional retail center in the northeastern San Fernando Valley above Glendale and Pasadena, for $66 mil ($574/sf). The property, completed in 2008, is located at 890-990 Town Center Drive and 935-965 Foothill Blvd in La Canada Flintridge.
The center was 97% occupied at time of sale. Considered a cornerstone of the local community, the property is anchored by Target—one of the retailer’s first "small-format" locations—and features HomeGoods, Panera Bread, Blaze Pizza, Habit Burger, Luna Grill, AT&T and Taylor’s Steakhouse. La Canada Flintridge Town Center features a charming craftsman design and a warm, meandering look that captures the feel of the town.
The property is located in one of Southern California’s most affluent communities and appeals to a variety of buyer profiles who support top tier pricing. Strategically positioned just off of the 210 Fwy, at the intersection of Angeles Crest Highway and Foothill Blvd, it attracts customers from a wide surrounding area, including Glendale, Pasadena and Downtown Los Angeles.
Pete Bethea, Rob Ippolito and Glenn Rudy with Newmark represented the seller, IDS Real Estate Group, who acquired the property in 2011 on behalf of a public pension fund. According to Bethea, the property’s location in one of Southern California’s most affluent and high barrier communities appealed to a wide range of buyer profiles which allowed for top tier pricing.
Shaun Moothart, Bruce Francis, Bob Ybarra, Doug Birrell, Nick Santangelo and Jim Korinek of CBRE’s Capital Markets Debt and Structured Finance arranged $36.4 mil in post-acquisition financing on the property. The seven-year, full-term loan is interest-only.
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