Foreign investor drops $13.7M on fully leased shopping center in San Gabriel Valley

Seagrove Property Group has sold a fully leased shopping center in the San Gabriel Valley.

The property — at 1241-1251 Lone Hill Avenue in the city of Glendora — traded for $13.65 million. The buyer is a private foreign investor, which completed the deal using an entity named Oecus LLC, which is managed by Lemeng Shi, records show.

The shopping center, called Glendora Commons, was built in 2017 and has almost 41,700 square feet of space. Grocery chain Aldi anchors the center, and other tenants include Guitar Center, Chick-fil-A and Pick-Up-Stix. Glendora Commons is at the gateway to a larger 480,000-square-foot development called Glendora Marketplace.

Bryan Ley and Tony Ensbury with JLL Capital Markets represented Seagrove Property Group.

Shopping centers have maintained some demand in Southern California recently, as the Glendora sale came shortly after a Hollywood investor sold his restaurant to buy two shopping centers in Riverside County for $35.6 million.

Last year, Champion Real Estate flipped a retail center in Glendora. The firm had purchased a vacant building for $13.5 million two years prior, redeveloped it and then sold the property to Clarion for $34.2 million.