LA-Area Retail Center Sells for $38M

Weingarten Realty sold the 92,000-square-foot retail asset. More than half of its tenants are entering their 22nd year of contract. NKF represented the seller.

Buena Vista Market Place, 1155 and 1245 Huntington Drive in Duarte, Calif.
Buena Vista Market Place, 1155 and 1245 Huntington Drive in Duarte, Calif.

Gerrity Group bought Buena Vista Marketplace for $38 million. Located at 1155 and 1245 Huntington Drive in Duarte, Calif., the 7-acre, grocery-anchored retail center was sold by Weingarten Realty. The 92,346-square-foot property was 98.5 percent occupied at the time of sale.

Tenants include Smart & Final Extra, Dollar Tree, Wells Fargo, AT&T, UPS, Subway, Flame Broiler and Jamba Juice. Executive Managing Director Pete Bethea and Senior Managing Directors Rob Ippolito and Glenn Rudy of Newmark Knight Frank’s Capital Markets retail division represented the seller.

 “This property has been thriving over the years with 60 percent of its existing tenants calling it home since 1995,” said Bethea. “Buena Vista Marketplace is not only well-maintained and in a key location, it also has been strategically tenanted with a variety of off-price retailers as well as services and restaurant options that are key to the vitality and longevity of shopping centers in today’s competitive environment.”

Image courtesy of Newmark Knight Frank