Blackstone affiliate nabs Home Depot-anchored retail center

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

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.

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