Edens Secures Full Occupancy for Grocery-Anchored Retail Plaza in Southern California
The retail real estate market in Southern California continues to subvert its long-prophesied demise — this time with a new gaggle of storefront leases at a grocery-anchored shopping complex in La Verne.
Investment management firm and landlord Edens secured full occupancy for Foothills Plaza, a 64,522-square-foot property at 1335-1397 Foothill Boulevard that is anchored by Sprouts Farmers Market. Irvine-based consulting firm Axiom Retail Advisors arranged the leases from Daiso, Water Wings, Hotworx Yoga and Prizm Dental for Edens, but did not disclose the lease terms.
“When we were brought on to lease the asset, it was clear that the property had suffered the effects of COVID with a considerable amount of vacancy,” Axiom broker Stephanie Skrbin said in a statement. “However, we understood the wonderful attributes that a stable, well-positioned community like La Verne has to offer.”
Edens purchased Foothills Plaza, along with two other grocery-anchored retail complexes, in December of last year from previous owners Combined Properties. Edens spent $136.8 million on the more than 400,000-square-foot Los Angeles County portfolio. La Verne is a small community 30 miles east of Downtown Los Angeles.
Other grocery-anchored plazas are getting gobbled up in the region as well. Earlier this year, Sakioka Farms bought New Haven Marketplace for $53.4 million from Frontier Real Estate Investments.
Meanwhile, Hackman Capital Partners announced in March that it had fully leased Culver Steps, its new $150 million mixed-use development in Downtown Culver City. Upscale supermarket chain Erewhon anchors that complex, which features 10 other retail tenants.
Nick Trombola can be reached at NTrombola@commercialobserver.com.