Clarion Partners has acquired the Gateway Towne Center shopping center in Compton for $86 million, closing on a property that had been developed after the city’s failed attempt to open a large auto plaza.
The New York-based real estate investment manager purchased the 281,000-square foot complex from Costa Mesa-based Prism Realty, which built it in 2007, property records show.
The Gateway acquisition pencils out to $304-per-square-foot for the 33-acre property at 101 Towne Center Drive.
A Target, Best Buy, and Home Depot anchor the complex, which also includes Staples, Marshalls, a string of restaurants, and more than 2,200 vehicle spaces.
Gateway Towne Center neighbors Compton College and Crystal Casino.
Prism developed the shopping center at the site of the abandoned Compton Auto Plaza, an auto mall intended to be part of a 66-acre redevelopment project the city undertook in the 1980s. The plan fell well short of expectations. The auto center was meant to accommodate 14 dealerships, but only attracted four.
The mall was Prism’s only asset outside of the New York-New Jersey area. Clarion owns one other development in the area — the 58-acre Brickyard industrial park at 13633 South Central Avenue, a few miles from Gateway Towne Center.