Charing Cross pays $62M for Home Depot-leased store

Sun Valley’s Home Depot has a new landlord: Charing Cross Partners.

Decron Properties sold the 111,624-square-foot store at 5040 San Fernando Road to the Santa Monica-based investor for $61.8 million, according to Commercial Observer.

The Sun Valley store is about a mile west of Rick Caruso’s the Americana at Brand and the Glendale Galleria malls.

Home Depot has thrived since the pandemic — foot traffic last year and this year remain significantly higher than in 2019.
The wider retail sector has wilted, though it is showing some signs of recovery. Overall retail purchases rose slightly in August compared to July, though online retailers were among the sales leaders.

Meanwhile, Charing Cross recently added to its multifamily and office portfolio. The firm closed on the $40 million purchase of a Walmart-anchored shopping center in Torrance on the last day of 2020.

Then in August, Charing Cross bought a 78,000-square-foot office building in Pasadena from Swig Company. The deal figured out to $43 million, or about $550 per square foot.

La Brea-based Decron has been trimming its retail portfolio and adding to its extensive multifamily holdings. The firm started to unload commercial properties in 2019 over concerns that Proposition 15 — a ballot question in the 2020 election — would significantly increase property taxes on commercial assets. Voters ultimately rejected Proposition 15.

[CO] — Dennis Lynch