Neighborhood Shopping Center Sells for $16,000,000 in La Cañada, Calif.
Bill Asher of Hanley Investment Group, along with Jim Barthe of Real Estate Portfolio Specialists and Paul and Nathan Strauss of ASB Property Management represented the buyer in the purchase of a neighborhood shopping center in La Cañada, Calif., for $16 million.
Press Release (PressBurner) Jul 30, 2010 - The 42,093-square-foot shopping center, known as Foothill Promenade, is located at 475 Foothill Boulevard in La Cañada. Positioned at the signalized intersection of Foothill Boulevard and Gould Avenue, the property is situated on a 2.75-acre parcel. Tenants include Trader Joe's, Union Bank, Petco, Aaron Brothers, Starbucks and Han’s Beauty. The property was built in 1995 and was 100 percent occupied at the time of sale. The seller was Dollinger Properties from Redwood City, Calif.
The buyer was a partnership of private individuals, which are seeking to acquire additional high quality shopping centers in Southern California, preferably on an all cash basis. The Foothill Promenade is the second major shopping center purchased by these individuals in the last ten months. In October 2009, they acquired the Tustin Courtyard Shopping Center in Orange County.
“It was a rare sale of a pride of ownership neighborhood shopping center in the greater San Gabriel Valley area and overall in today’s market,” said William B. Asher, managing director at Hanley Investment Group. Asher notes the property was never on the market and the buyer assumed an existing loan with the purchase.
“The first half of 2010 has seen a lack of supply of quality neighborhood shopping centers marketed for sale and actually transacting in southern California,” said Asher. “This combined with an increased demand from investors has created a very competitive environment so far this year. In the past couple of months, the market has started to see an increase in neighborhood shopping centers sold and marketed for sale in southern California. Watch for this trend to continue and pick up momentum moving into the fourth quarter.”