An 84,000-square-foot, 7.3-acre shopping center at 2204-2278 Foothill Blvd. in La Verne has been sold to an Arcadia-based private investor for $20.7, according to CoStar Group Inc.
The seller, which CoStar listed as Delta-JC LLC of West Hollywood, was represented by Ed Hanley, president of the Corona del Mar-based Hanley Investment Group, along with executive vice presidents Bill Asher and Kevin Fryman.
The buyer was Chang Shu of Arcadia, CoStar said. Wendy Wong and Katherine Quach from Treelane Realty Group of Temple City represented the buyer, according to Hanley Investment Group.
The property was built in 2000 and is located at the corner of Foothill Boulevard and White Avenue in a heavily-traveled area of La Verne, with an average daily traffic count of approximately 42,500 cars.
“This sale highlights the continued demand for well-located grocery-anchored shopping centers leased to internet-resistant tenants,” Asher said in a statement. “We sourced the buyer through a Hanley Investment Group broker relationship and helped the broker and their client procure a multi-tenant shopping center investment their client had been seeking after owning mostly a portfolio of single-tenant net leased assets.”
Real estate reporter Ciaran McEvoy can be reached at firstname.lastname@example.org or (323) 556-8337.