Edens Pays $137M for Grocery-Anchored Retail Portfolio in LA County
By Greg Cornfield December 6, 2022 3:40 pm
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Grocery-anchored properties continue to drive activity in the retail sector in the post-pandemic world.
Investment management firm Edens has put down $136.8 million for a portfolio of three grocery-anchored shopping centers that total more than 400,000 square feet in Los Angeles County. Newmark (NMRK) announced the deal and represented the seller, Beverly Hills-based Combined Properties.
The first property, The Commons at La Verne, features 120,720 square feet and is anchored by Vons and Ross Dress for Less at 1600 Foothill Boulevard. Property records show Combined Properties acquired the site for $7.2 million in 2004.
The second property, Montebello Mix, is at the intersection of West Beverly Boulevard and Montebello Boulevard and spans 216,385 square feet. The shopping center is 94 percent occupied with anchor tenants including Vons, Ross, Rite Aid and Marshalls. Records show Combined Properties acquired the property for $1.8 million in 1998.
The third property is a 65,000-square-foot asset named Foothill Plaza at 1375 Foothill Boulevard in La Verne, anchored by Sprouts Farmers Market and Bank of America.
Newmark’s research shows national investment sales across all property sectors declined 23 percent year-over-year and 27 percent quarter-over-quarter in the third quarter of 2022. However, it was the second best third quarter on record, and retail was the only sector to increase investment sales year-over-year.
Further, gateway cities lead the ranks for retail markets, particularly Greater L.A., which closed more than $5 billion in retail investment sales in the first three quarters this year.
Newmark’s Pete Bethea, Glenn Rudy, Rob Ippolito, Bill Bauman and Kyle Miller represented the seller.
“This transaction affirms the continued demand for high-quality, grocery-anchored shopping centers in strong metro markets and the sustained investor appetite for retail centers overall,” Bauman said.
Gregory Cornfield can be reached at gcornfield@commercialobserver.com.
