Pine Tree Acquires Retail Center in SoCal for $64M
The 154,049-square-foot retail center is 95 percent leased to tenants such as Ross Dress for Less, LA Fitness and HomeGoods
UPDATED: Chicago-based Pine Tree has come to Glendale, Calif., to do some shopping.
The retail development and investment firm acquired a 154,049-square-foot retail center called Glendale Marketplace for $64.1 million. JLL Capital Markets announced the deal and represented the seller, EB Arrow. It wasn’t immediately clear who represented Pine Tree.
“With this latest acquisition, Pine Tree is excited to expand our presence in Southern California, one of the fastest-growing and highest barrier-to-entry markets in the nation,” Conor Bossy, director of acquisitions for Pine Tree, said in a statement to Commercial Observer. “We hope to continue to grow our California shopping center footprint and find new ways to engage the community at this essential shopping center asset.”
EB Arrow was not immediately available for comment.
Glendale Marketplace is 94.8 percent leased to fitness, home furnishings, restaurant and discount store retailers, including Ross Dress for Less, LA Fitness, HomeGoods, Five Below, Buffalo Wild Wings and Old Navy. It’s located on 2.2 acres at 106-146 South Brand Boulevard.
According to JLL, more than 238,200 residents live within a three-mile radius of Glendale Marketplace with an average annual household income of $96,384. Gleb Lvovich, Bryan Ley, Geoff Tranchina, and Daniel Tyner of JLL represented EB Arrow.
“We are extremely excited and bullish on big-box retail, especially in urban areas,” Lvovich said in a statement. “With retailers efficiently utilizing their stores to facilitate in-person shopping, returns and last-mile fulfillment, bricks and mortar have never been more relevant.”
L.A. County’s Glendale saw a collection of big deals in 2021. Perhaps most notably, Brookfield Properties acquired the headquarters for DreamWorks Animation for $327 million. Additionally, Charing Cross Partners acquired an 111,624-square-foot Home Depot for $61.8 million in September and Waterford Property Company bought a 507-unit luxury community for $300 million.
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