New York-based Clarion Partners acquired Compton’s 33-acre Gateway Towne Center for $85.8 million, or about $372 a 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 the Compton Auto Plaza, according to a Prism Realty website. The center employs more than 900 Compton residents, and its businesses serve three million people within a 10-mile area of the community, Prism Realty said.
Tenants include Wells Fargo & Co., Target Corp., Subway Restaurants and Starbucks Corp. The property has access to the 91 and 710 freeways as well as the Los Angeles County Metropolitan Transportation Authority Blue Line’s Artesia station.
In total, Clarion Partners purchased a portfolio of nine properties.
Clarion Partners also owns the nearby Brickyard in Compton, a 479,000-square-foot industrial property at 13633 S. Central Ave., several miles northwest of Gateway Towne Center.
– Ciaran McEvoy
For reprint and licensing requests for this article, CLICK HERE.
Stories You May Also Be Interested In
- Compton Retail Property Acquired for $85.5 Million
- Vernon Cold Storage Facility Sells for $57.8 Million
- Harbor Gateway Industrial Property Sells for $21M
- Jam City Expanding to 40,000-Square-Foot Space in Culver City
- Law Firm Pays $28.5M for Bebe Studio
- Investor Pays $20.7 Million for 7.3-Acre Shopping Center in La Verne
- Citigroup to Exit Citigroup Center; Taking New Lease at One Cal Plaza
- Giovanni Cosmetics, Evox Productions Renew Leases in Compton, Rancho Dominguez