December 5, 2022 9:00 AM
Newmark announces it has arranged the sale of three grocery-anchored shopping centers comprising over 400,000 square feet in Los Angeles County. The portfolio traded for a total of $136.8 million.
Newmark Vice Chairman Pete Bethea and Senior Managing Directors Glenn Rudy and Rob Ippolito partnered with Vice Chairman Bill Bauman and Executive Managing Director Kyle Miller in representing the seller, Combined Properties, Inc., a full-service real estate firm headquartered in Beverly Hills with an office in Washington, D.C. The buyer was EDENS, an institutional investor primarily focused in the retail sector with over 120 assets across 31 markets in the United States.
“The portfolio presented a unique opportunity to acquire three, high-performing, grocery-anchored shopping centers in Los Angeles County,” said Bethea. “Both Combined Properties, Inc. and EDENS are to be commended for their tireless work during a very tumultuous time in the market. We congratulate both buyer and seller and are honored to have been a part of an execution that truly benefitted both parties.”
Bauman added, “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.”
The first property, The Commons at La Verne, totals 120,720 square feet and is anchored by Vons and Ross. The second property, Montebello Mix, is located at the signalized intersection of West Beverly Boulevard and Montebello Boulevard and spans 216,385 square feet. The shopping center is 94% occupied with anchor tenants including Vons, Rite Aid, Ross Dress for Less and Marshalls. The third, 65,000-square-foot asset is Foothill Plaza, located at 1375 Foothill Blvd in La Verne, anchored by Sprouts Farmers Market and Bank of America.
The three shopping centers are well positioned in dense, infill submarkets of Los Angeles County, populations exceeding 91,000 people and incomes above $94,000 within a three-mile radius of each property.
According to Newmark Research, investment sales across all property sectors declined 23% year-over-year and 27% quarter-over-quarter in the third quarter of 2022. Even so, it was the second best third quarter on record. Retail was the only sector to increase investment sales year-over-year.
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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. Newmark generated revenues of approximately $3.1 billion for the twelve months ending September 30, 2022. Newmark’s company-owned offices, together with its business partners, operate from approximately 180 offices with nearly 6,700 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
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