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The Real Deal Los Angeles

LA County’s top 5 retail investment sales in June

Champion Real Estate’s flip in Glendora led the charts
By Natalie Hoberman | July 19, 2018 08:00AM

CEO Bob Champion and 655 S. Grand Avenue

Los Angeles County’s top five retail investment sales of June totaled nearly $85 million, with the biggest trade taking place in Glendora. That’s down from the $121 million total last month.

The properties included a grocery-anchored strip mall, a historic camera store and an Office Depot-leased building. Champion Real Estate led the pack with its $34 million sale of a Sprouts grocery-anchored shopping plaza in Glendora, which it sold to New York-based Clarion Partners.

The June investment sales figures were compiled from property records on PropertyShark.

Grand & Alosta — Clarion Partners | $34.2 million

Clarion Partners, a New York-based real estate firm, paid $34.2 million to acquire the 70,811-square-foot retail center that is co-anchored by a Sprouts grocery store and Marshalls department store. The seller was an affiliate of Champion Real Estate, which paid $13.5 million for the vacant complex two years ago. Located at 655 S. Grand Avenue in Glendora, the redeveloped shopping center is also leased by Coffee Bean & Tea Leaf. Champion said in a release it plans to use the proceeds to acquire a multifamily property.

Santa Anita Plaza — The Olson Co. | $22.6 million

The Olson Co., based in Orange County and specializing in home building and urban infill, paid $22.6 million to acquire a retail center in Arcadia. The seller of the Santa Anita Plaza was a trust assigned to Paula Chia-Leei Chiang, who acquired the complex in 2013. Spanning roughly 127,000 square feet, the one-story shopping center at 17 Las Tunas Drive is leased by a Goodwill Industries store, nail salon and laundromat.

Frank’s Highland Park Camera — Asana Partners | $10.9 million

A brick building housing the iconic, and shuttered Frank’s Highland Park Camera store in Highland Park, sold to Asana Partners for $10.9 million last month. Engine Real Estate, the seller, unloaded the property as part of a portfolio deal, which included two other properties in Highland Park. Combined, they sold for $23 million, Boulevard Sentinel reported. Located at 5717 N. Figueroa Street, the retail property spans 22,500 square feet over three floors, with exposed brick walls. Asana is a Charlotte, N.C.-based retail real estate firm that invests in high-growth markets, such as L.A. and Atlanta.

Office Depot — Red Mountain Group | $9.4 million

Red Mountain Group, a Santa Ana-based firm that redevelops aging shopping centers, purchased an Office Depot-leased building in Torrance for $9.4 million. An individual named Mitchell Weiss, acting through an entity, sold the property. Spanning just under 30,000 square feet, the free-standing building is located at 19100 Harborgate Way. It last traded for $5.2 million in 2000, property records show.

Whittier Place — Lim Family Trust | $7.8 million

A retail plaza at 6221 Whittier Boulevard in East L.A. traded from one family trust into the hands of another for $7.8 million. A trust entitled to David and Cherry Lim purchased the site, which spans 14,700 square feet. The sellers, Elsa C. Chin and Jee Sing Chin Revocable Trust, acquired the property in 2013 for $3.8 million, records show.