Newmark Completes $66 Million Sale of La Canada Flintridge Town Center in Los Angeles County

April 15, 2024 9:00 AM

Newmark[1] announces the sale of La Canada Flintridge Town Center, a premier institutional quality retail investment, for $66,000,000.

Newmark Vice Chairman Pete Bethea and Senior Managing Directors Rob Ippolito and Glenn Rudy represented the seller, IDS Real Estate Group. The buyer was TRC Retail.

“An asset like La Canada Flintridge Town Center, with a strong credit roster of retailers and the opportunity to land a Target Store, is truly stand out,” said Bethea.

Located at 890-990 Town Center Drive and 935-965 Foothill Boulevard in La Canada Flintridge, with 97% occupancy, this shopping center is a cornerstone of the local community. The property is anchored by Target—one of the retailer’s first “small-format” locations—and features HomeGoods, Panera Bread, Blaze Pizza, Habit Burger, Luna Grill, AT&T and Taylor’s Steakhouse.

Bethea added, “The property’s location in one of Southern California’s most affluent and high barrier communities appealed to a wide range of buyer profiles which allowed for top tier pricing. We are thrilled to be associated with such a quality offering at a time when quality counts like never before.”

Build in 2009, the property is located in one of Southern California’s most affluent communities and appeals to a variety of buyer profiles who support top tier pricing. Strategically positioned just off of the 210 Freeway, at the intersection of Angeles Crest Highway and Foothill Boulevard, it attracts customers from a wide surrounding area, including Glendale, Pasadena and Downtown Los Angeles.

[1] Dba Newmark Knight Frank in California

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Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. For the year ending December 31, 2023, Newmark generated revenues of approximately $2.5 billion. Newmark’s company-owned offices, together with its business partners, operated from approximately 170 offices with 7,400 professionals around the world. To learn more, visit nmrk.com or follow @newmark.

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