MONROVIA, Calif. – (RealEstateRama) – CBRE Vice Chairman Philip D. Voorhees announced today that the National Retail Partners-West (NRP-West), along with Alex Kozakov and Patrick Wade from CBRE Los Angeles, completed the sale of Monrovia Landing in Monrovia, Calif., a grocery-anchored asset, 100%-leased to high-performing, national credit tenants Aldi, T.J.Maxx/HomeGoods, ULTA Beauty and O’Reilly among others. The sale price was $30.5 million.
CBRE retail experts Patrick Wade, Alex Kozakov, Sean Heitzler, Jimmy Slusher and Philip Voorhees represented the seller, a partnership between Telos Capital, a Pasadena-based private real estate investment firm, and Warner Pacific Properties, a real estate development firm. The buyer, based out of Los Angeles and represented by Marcus & Millichap (Sheila Alimadadian), purchased the asset as a 1031 exchange from a prior sale.
“Investor demand for the site was fueled by the quality of the tenants, thoughtfully executed site redevelopment and the San Gabriel Valley location,” said Slusher. “From a tenant perspective, Monrovia Landing is a classic example of retailer demand for access to well-located, infill locations in core markets. While the site didn’t make sense for the previous tenant, it’s a fantastic fit for this new group of value-oriented tenants, each benefiting from proximity to each other. The site should continue as a retail staple for the local community and a consistent stable investment for the buyer.”
After acquiring the 96,885-square-foot property in 2016, Warner Pacific Properties began a re-tenanting and repositioning program for the center. Situated on over ±6 acres, Monrovia Landing is located at 723-737 E. Huntington Drive, adjacent to 24-Hour Fitness and Trader Joe’s corporate office.
“With only 6 tenants on long-term NNN leases, Monrovia Landing was an ideal 1031-exchange investment,” said Wade. “The majority of offers received were from private investors that were attracted to the best-in-class tenant roster consisting of internet-resistant grocery, food, fitness, auto parts and apparel businesses.”
According to Slusher and Wade, CBRE’s marketing efforts produced more than 467 confidentiality agreements/offering memoranda distributed and, through the team’s “managed bid” offer process, generated 7 offers and competitive bidding to purchase Monrovia Landing. With this closing, CBRE’s NRP-West team has completed a total of 51 retail investment sales over the last 12 months and topped $11.4 billion in successfully closed retail transactions.
The NRP-West team focuses exclusively on retail investment properties in the western states, including California, Oregon, Washington, Nevada, Arizona and Hawaii, representing the most accomplished retail investors in the US. The team’s ability to collaborate across CBRE’s multi-discipline platform enhances its role as strategic advisors to western U.S. clients in the disposition and acquisition of retail properties and ensures the delivery of superior results in today’s investment market. Long recognized as industry-leading investment experts, the NRP-West team continues to specialize in portfolio sales, anchored centers, strip centers, single-tenant assets, specialty retail projects, REO and Receivership assets and parcelized disposition strategy opportunities. Based in Orange County, California, the team consists of specialists with institutional and private client relationships and leverages institutional quality knowledge and service across unparalleled access to private capital investors and the brokers who represent them, domestically and around the world. View listings: www.nrpwestlistings.com.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
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