Blackstone affiliate nabs Home Depot-anchored retail center

Towne Center East in Signal Hill has 160K sf of leasable space

TRD LOS ANGELES /
Oct.October 09, 2019 04:00 PM
ShopCore’s Luke Petherbridge and Towne Center East’s Home Depot
ShopCore’s Luke Petherbridge and Towne Center East’s Home Depot

UPDATED, Oct. 10, 9:39 a.m.: A retail arm of Blackstone Group that targets small shopping centers has picked up another one.

ShopCore Properties paid $61 million for the Home Depot-anchored Towne Center East in Signal Hill. ShopCore acquired the property through an entity tied to its San Diego office, property records show.

The seller was Phoenix-based BIG Shopping Centers USA. The sale was recorded late last month.

Towne Center East spans 163,000 square feet of rentable space at the corner of Cherry Avenue and Willow Street. It’s anchored by a 103,000-square-foot Home Depot and a 26,500-square-foot PetSmart store, leasing materials show. A Wells Fargo bank branch and a UPS Store are also tenants. A Costco property in the mall is owned separately.

Chicago-based ShopCore owns more than 50 retail properties across the country, the majority of them being retail centers. In July, the firm announced a partnership with co-working firm Industrious to develop a co-working office at ShopCore’s One Colorado property in downtown Pasadena.

In June, ShopCore sold a three-property strip mall portfolio to Publix supermarkets for $70 million.

Correction: An earlier version of this article incorrectly listed DRA Advisors as the seller.


Related Articles

arrow_forward_ios
Bernard Arnault and a map of the properties (Credit: ERIC PIERMONT/AFP via Getty Images, and Google Maps)

LVMH picks up another Beverly Hills storefront near hotel development site

LVMH picks up another Beverly Hills storefront near hotel development site
Scott Wiener, Lena Gonzalez

California bill to empower bar & restaurant owners in lease renegotiations is dead

California bill to empower bar & restaurant owners in lease renegotiations is dead
Coronavirus cases are on the rise in L.A., but the push to reopen continues.

Get a drink, some new ink and bet on the horses: LA businesses reopen this weekend

Get a drink, some new ink and bet on the horses: LA businesses reopen this weekend
An illustration of Gavin Newsom (Credit: Justin Sullivan/Getty Images and iStock)

California, meet Phase 3: Stage set for bars, gyms, hotels, production studio reopenings

California, meet Phase 3: Stage set for bars, gyms, hotels, production studio reopenings
Workers clean up after demonstrations at the Grove Mall (Credit: VALERIE MACON/AFP via Getty Images)

Protests, vandalism and looting of stores prompt massive cleanup effort

Protests, vandalism and looting of stores prompt massive cleanup effort
Protesters gather in a peaceful Black Lives Matter protest (Credit: Presley Ann/Getty Images)

Protests continue with far less looting, property damage reported

Protests continue with far less looting, property damage reported
Shops were looted in Santa Monica (Credit: Mario Tama/Getty Images)

Looters cleared out retailers while police clashed with protesters in Santa Monica and Long Beach

Looters cleared out retailers while police clashed with protesters in Santa Monica and Long Beach
An illustration of Gavin Newsom (Credit: Michael Kovac/WireImage via Getty Images, and iStock)

California OK’s retail re-openings, but leaves key decisions to local officials

California OK’s retail re-openings, but leaves key decisions to local officials
arrow_forward_ios

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

Loading...