Suburban Los Angeles Retail Center Trades for $19M

University Promenade. Image via Google Maps

Azusa Pacific University has sold University Promenade, a 74,800-square-foot retail property in Azusa, Calif. Gerrity Group acquired the asset for $18.6 million. Cushman & Wakefield represented the seller.

The asset last traded in 2006 when the university acquired it from a private investor for $18.3 million, according to public records. Located on 6 acres at 900-962 E. Alosta Ave., the complex opened its doors in the mid-1980s.

At the time of sale, the asset was 86 percent leased, according to Managing Director Dixie Walker. The tenant roster includes Chick-fil-A, Five Guys and the university, which will continue to occupy a section of the property.

The center is situated at the intersection of Alosta and Citrus avenues, right across the street from Azusa Pacific University and less than a mile from Citrus College. Additionally, nine residential communities totaling more than 800 units are located within a 1-mile radius of the property, according to Yardi Matrix.

Along with Walker, the Cushman & Wakefield team included Senior Marketing Manager Michael Romero and Senior Associate Brandon Emrick. According to Romero, the San Gabriel Valley retail submarket’s vacancy rate is below 5 percent. Last year, a fully leased shopping center, located 7.3 miles from University Promenade, sold for $31 million.