EDENS Pays $137M for Retail Portfolio

The Commons at La Verne

EDENS has acquired three grocery-anchored shopping centers for $136.8 million. The portfolio totals more than 400,000 square feet. Newmark arranged the transaction on behalf of the seller, Combined Properties Inc.

The asset collection includes The Commons at La Verne, Montebello Mix and Foothill Plaza. All three properties are situated in dense, infill submarkets of Los Angeles County, with a population of more than 91,000 residents and an average income above $94,000 within a 3-mile radius of each shopping center.

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Newmark’s team was led by Vice Chairman Pete Bethea, Senior Managing Directors Glenn Rudy and Rob Ippolito, Vice Chairman Bill Bauman and Executive Managing Director Kyle Miller.

Well-located retail centers

Located at 1608 Foothill Blvd., The Commons at La Verne sits on a 10.4-acre site and totals 120,720 square feet. The retail center was completed in 2008 and is anchored by Ross and Vons. In 2019, the property was subject to a $22.5 million loan originated by Bank of America, according to CommercialEdge data.

Montebello Mix totals 216,385 square feet and encompasses six buildings sitting across a 16-acre site. The multi-tenant retail center is anchored by Rite Aid, Vons, Marshalls and Ross. The property came online in 1967 and is located at the intersection of West Beverly Boulevard and Montebello Boulevard. Combined Properties acquired the facility in 1990 for $7 million, the same source shows.

The third property, Foothill Plaza, spans 65,000 square feet and is located at 1375 Foothill Blvd. in La Verne, Calif. Bank of America and Sprouts Farmers Market anchor the shopping center. The property last traded in 2003, when Combined Properties acquired it for $10.9 million.

Despite the current economic environment, retail fundamentals remain strong, with sales, consumer spending, store openings and leasing activity slowly increasing, as consumers return to pre-pandemic behaviors.