New York-based Clarion Partners acquired Compton’s 33-acre Gateway Towne Center for $85.8 million, or about $372 per square foot, from Prism Realty Corp. of Costa Mesa, according to CoStar Group Inc.
Prism Realty developed the 281,000-square-foot property at 1633 Alameda St. after the City of Compton tried and failed to build a Compton Auto Plaza, according to a Prism Realty website.
In total, Clarion Partners purchased a portfolio of nine properties.
Tenants include Wells Fargo, Target, Subway and Starbucks Coffee. The property has convenient access to the 91 and 710 freeways as well as the Los Angeles County Metropolitan Transportation Authority Blue Line’s Artesia station.
Real estate reporter Ciaran McEvoy can be reached at firstname.lastname@example.org or (323) 556-8337.