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Weingarten Realty sells Buena Vista Marketplace for $38M
The privately-held buyer owns several other shopping centers on the West Coast
Retail real estate firm Gerrity Group has acquired the Buena Vista Marketplace at 1193 Huntington Drive in Duarte for $38.1 million, records show.
The seller of the 91,850-square-foot shopping plaza is real estate investment trust Weingarten Realty, which bought the property for $10.6 million in 2001.
Spanning three buildings, the 1990-built retail plaza is 98 percent occupied with tenants including Smart & Final Extra!, Dollar Tree, Hertz, Starbucks, Subway and UPS.
Following the sale, Weingarten will still own two other centers in the area, including the Westside Center near Beverly Hills and the massive 8000 Sunset Strip outdoor plaza in West Hollywood. The retail property owner and developer also owns 20 other plazas in California, according to its website.
This marks the second property in Los Angeles County for Gerrity—the company also owns the Cerritos Towne Center (which it acquired for $87.6 million in 2011). The firm owns approximately 3.2 million square feet, and has some operations in China.