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

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.