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The Real Deal Los Angeles

Champion Real Estate flips a Glendora retail center

L.A.-based Champion plans to use $34M in proceeds from sale to Clarion to buy a multifamily
July 02, 2018 01:30PM

CEO Bob Champion and 655 S. Grand Avenue

Champion Real Estate has flipped a retail center in Glendora to Clarion Partners.

Two years after acquiring a vacant building for $13.5 million, Champion Glendora — an affiliate of West Los Angeles-based Champion — sold the property to New York-based Clarion for $34.2 million, according to Commercial Observer, citing a source with knowledge of the deal. The shopping center is located at 655 S. Grand Avenue.

Champion acquired the vacant 85,615-square-foot building in 2016 then spent $32 million to redevelop it into a smaller 70,811-square-foot retail center that is co-anchored by a Sprouts grocery store and Marshalls. It was scheduled for completion last July.

Formerly a Ralph’s grocery store, the retail center is 100 percent leased, Champion said in a release. The company said it will use the proceeds from the sale to acquire a multifamily property.

The sale was brokered by Bryan Ley, Gleb Lvovich and Justin Kundrak of HFF.

Champion has been active lately in other parts of L.A. Amid an upswing in hotel development in the city, Champion, run by CEO Bob Champion, recently expanded its plans for a Hollywood hotel complex. [CO] — Alexei Barrionuevo