LA-Area Retail Center Sells for $31M
The 100 percent leased grocery-anchored asset traded to a Los Angeles-based 1031 exchange buyer.
Monrovia Landing. Image courtesy of CBRE
A joint venture between Telos Capital and Warner Pacific Properties has sold Monrovia Landing, a 96,885-square-foot grocery-anchored retail center in Monrovia, Calif., for $30.5 million. CBRE’s NRP-West team represented the seller, while Marcus & Millichap worked on behalf of the buyer, a Los Angeles-based, 1031 exchange investor.
Situated at 723-737 E. Huntington Drive, the retail center occupies more than 6 acres near Interstate 200 and is adjacent to a 24-Hour Fitness and Trader Joe’s corporate office. Additionally, the asset is positioned near residential areas—there are more than 4,700 rental units alone within a 3-mile radius, according to Yardi Matrix.
After acquiring the building in 2016, Warner Pacific Properties began a re-tenanting and repositioning of the center, which is currently 100 percent occupied by six tenants on long-term NNN leases. The tenants include Aldi, T.J.Maxx/HomeGoods, ULTA Beauty and O’Reilly.
CBRE’s retail experts included Senior Vice Presidents Patrick Wade and Alex Kozakov, Associate Sean Heitzler, Vice President Jimmy Slusher and Vice Chairman Philip Voorhees. Marcus & Millichap’s First Vice President Sheila Alimadadian represented the buyer.
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