IRVINE, CA - Cassidy Turley, a leading commercial real estate services provider in the U.S., announces that Plaza De La Cañada, a neighborhood shopping center located at 651-663 Foothill Blvd. in La Cañada Flintridge, CA, has been sold for $35.9 million.
Dixie Walker, Charley Simpson and Tom Blake of Cassidy Turley’s Irvine office represented the seller, The Vons Companies Inc. The buyer in the transaction was Retail Opportunity Investments Corporation (NASDAQ:ROIC). There was no cooperating broker.
The 100,408-square-foot shopping center is anchored by Gelson’s Market, which is replacing Vons as the main anchor. Gelson’s, recognized as one of the leading high demographic supermarket chains, plans to open in late first quarter 2014 when tenant improvements are complete.
“The center, which was acquired by Von's in the late 1990s, was originally scheduled for a long-term redevelopment,” Mr. Walker said. “That changed as a number of specialty grocery stores pursued the site for their smaller footprints, which matched well with the trade area’s high household income. Gelson’s won the battle, and Von's made the correct decision to sell in one of the strongest markets we have seen in a long time.
“This property fit perfectly into ROIC's criteria for quality, high-demographic grocery anchored centers in supply constrained markets,” he continued.
In addition to Gelson’s, other tenants in the center include T.J. Maxx and Rite Aid.
About Cassidy Turley
Cassidy Turley is a leading commercial real estate services provider with more than 3,800 professionals in more than 60 offices nationwide. With headquarters in Washington, DC, the company represents a wide range of clients—from small businesses to Fortune 500 companies, from local non-profits to major institutions. The firm completed transactions valued at $22 billion in 2012, manages approximately 400 million square feet on behalf of institutional, corporate and private clients and supports more than 23,000 domestic corporate services locations. Cassidy Turley serves owners, investors and tenants with a full spectrum of integrated commercial real estate services—including capital markets, tenant representation, corporate services, project leasing, property management, project and development services, and research and consulting. Cassidy Turley enhances its global service delivery outside North America through a partnership with GVA, giving clients access to commercial real estate professionals in 65 international markets. Please visit www.cassidyturley.com for more information about Cassidy Turley.
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