VITAL STATISTICS
THE COMMONS AT LA VERNE; MONTEBELLO MIX; FOOTHILL PLAZA
1600 Foothill Blvd., La Verne;
W. Beverly Blvd. & Montebello Blvd., Montebello; 1375 Foothill Blvd., La Verne
Square Footage: 400,000
Deal Value: $136.8 million
Newmark arranged this sale of three grocery-anchored shopping centers comprising over 400,000 square feet. The portfolio traded for a total of $136.8 million.
Newmark vice chairman Pete Bethea and senior managing directors Glenn Rudy and Rob Ippolito partnered with vice chairman Bill Bauman and executive managing director Kyle Miller in representing the seller, Combined Properties, Inc., a full-service real estate firm headquartered in Beverly Hills with an office in Washington, D.C. The buyer was EDENS, an institutional investor primarily focused in the retail sector with over 120 assets across 31 markets in the United States.
The first property, The Commons at La Verne, totals 120,720 square feet and is anchored by Vons and Ross. The second property, Montebello Mix, is located at the signalized intersection of West Beverly Boulevard and Montebello Boulevard and spans 216,385 square feet. The shopping center is 94% occupied with anchor tenants including Vons, Rite Aid, Ross Dress for Less and Marshalls. The third, 65,000 square foot asset is Foothill Plaza, located at 1375 Foothill Blvd in La Verne, anchored by Sprouts Farmers Market and Bank of America.
The portfolio presented a unique opportunity to acquire three, high- performing, grocery-anchored shopping centers in Los Angeles County.
VITAL STATISTICS
PASEO COLORADO
300 E. Colorado Blvd., Pasadena
Square Footage: 460,000
Deal Value: $103 million
Canadian investor and developer Onni Group bought the roughly 460,000 square foot (the total square footage of the retail center). The Paseo shopping center at 300 E. Colorado Blvd. and the property’s 189-room hotel. The hotel is on a ground lease and owned separately. Onni purchased the fee so is the ground lessor to the owner/operator of the hotel on that portion for $103 million, according to CoStar data, public records and a statement about the deal. Onni Group bought the debt of the property after its previous owner, Dallas-based Cypress Equities Managed Services, defaulted on its loan, according to public records. The seller was Granite Pointe Mortgage Trust.
VITAL STATISTICS
47th STREET PAVILLION
38107-38215 47th St. E. (14 Properties), Palmdale
Square Footage: 275,307
Deal Value: $56.7 million
47th Street Pavilion is a 475,902 square foot regional shopping center on 46.5 acres anchored by Home Depot and the only Super Target in the Antelope Valley. Located in the Los Angeles County market of Palmdale, the offering, which sold for $56.75 million, consists of 275,307 square feet and includes anchor tenants such as Home Depot, Ross, dd’s Discounts, and PetSmart. The site plan is well-conceived with all shops located as outparcels and benefits from over 1,714 feet of frontage along 47th Street.
