Whole Foods-anchored retail plaza in Upland sells for submarket record high

An entity tied to AEW Capital Management bought the site for $49M

Los Angeles /
Mar.March 14, 2019 12:00 PM
AEW CEO Jeff Furber and GPI Companies’s Founders Cliff Goldstein and Drew Planting with Sycamore Hills Plaza

An entity tied to AEW Capital Management acquired a fully leased, Whole Foods-anchored retail plaza on the Los Angeles and San Bernardino border, marking a new record for the submarket.

The seller of the 10-acre property was a joint venture of GPI Companies, a local real estate investment firm, and LStar Ventures.

The $49.2 million deal works out to $633 per square foot, which is a record high.

The AEW Capital LLC bought the 78,000-square-foot property, called Sycamore Hills Plaza, in late January, according to property records.

In addition to the Whole Foods 365, the Sycamore Hills Plaza in Upland is also anchored by a CVS Pharmacy, along with Starbucks, and Orangetheory Fitness, among others.

The joint venture bought the property in March 2014, and later built the shopping plaza as part of the Sycamore Hills master-planned community, which features 320 homes.

Philip Voorhees at CBRE brokered the deal.

GPI, led by founders Cliff Goldstein and Drew Planting, largely invests in commercial properties in L.A. It holds the beloved Amoeba Music retail store at 6200 Sunset Boulevard in its portfolio, which it acquired from Amoeba’s founders for $34 million in 2015. GPI is planning a 28-story residential complex in its place.


Related Articles

arrow_forward_ios
Taiwanese investor buys Arcadia complex for $39M
Taiwanese investor buys Arcadia complex for $39M
Taiwanese investor buys Arcadia complex for $39M
Rexford buys into gap left by Mitsuwa’s move to South Bay mall
Rexford buys into gap left by Mitsuwa’s move to South Bay mall
Rexford buys into gap left by Mitsuwa’s move to South Bay mall
The Ratkovich Company Founder Wayne Ratkovich with renderings of West Harbor (West Harbor, Ratkovich)
Seven tenants announced for San Pedro’s West Harbor project, including Yamashiro
Seven tenants announced for San Pedro’s West Harbor project, including Yamashiro
(Facebook via Baldwin Hills Crenshaw)
Harridge buys Baldwin Hills Crenshaw Plaza; eyes $1B overhaul
Harridge buys Baldwin Hills Crenshaw Plaza; eyes $1B overhaul
LA city council to mull requiring vaccine proof at indoor venues
LA mulls vaccine mandate for indoor spaces
LA mulls vaccine mandate for indoor spaces
Mark and Arman Gabay and the Bedford Triangle property (LoopNet, Style Outlets)
Gabays asking $52M for trio of Beverly Hills retail properties
Gabays asking $52M for trio of Beverly Hills retail properties
Disney Store at Montebello Town Center (Disney, Shops at Montebello)
Mall vs. The Mouse: UBS sues Disney store for $275K in back rent
Mall vs. The Mouse: UBS sues Disney store for $275K in back rent
Redcar Properties CEO Jim Jacobsen with Dynasty Center (Google Maps, Industry Partners)
Redcar buys Dynasty shopping center in Chinatown
Redcar buys Dynasty shopping center in Chinatown
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...