Asana Partners Buys West LA Shopping Center for $50.2M
Asana Partners has ponied up $50.2 million for The Balcony on Beverwil shopping center in West Los Angeles, according to a release from JLL Capital Markets, which represented both sides in the off-market transaction which closed in early November.
The two story 71,184-square foot center at the corner of Pico Boulevard and Beverwil Drive at 9600-9636 Pico Boulevard is anchored by a Ralph’s grocery store and CVS pharmacy and fully leased.
Geoff Tranchina, an executive vice president in JLL’s Capital Markets group, led the team handling the sale on behalf of the seller, a private partnership that JLL declined to disclose.
“This property’s strong credit tenant base and position in a highly sought-after trade area with limited competition created a very attractive investment opportunity for Asana Partners,” Tranchina said in the release.
He added that the buyer planned to “enhance the overall customer experience,” though Asana declined to provide details.
North Carolina-based Asana, a retail real estate firm focused on dense, urban markets across the country, entered the L.A. market in July the purchase of The Fig@Highland Park, a three-property mixed-use portfolio for $23 million, as Commercial Observer previously reported.