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

Decron Properties sold Sun Valley complex as it shed retail assets

Los Angeles /
Sep.September 29, 2021 11:00 AM
Seller Decron Properties continues to shed its retail assets (Decron Properties, LoopNet)

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





    Related Articles

    arrow_forward_ios
    Stefanie Pollack and Dennis Chernov
    Top agent Chernov accused of squeezing partner out of deal
    Top agent Chernov accused of squeezing partner out of deal
    Deutsche Bank's Christian Sewing and Stan Kroenke with 6220 North Topanga Canyon Boulevard (Getty, Google Maps)
    Kroenke’s Woodland Hills mall deal financed with $244M Deutsche Bank loan
    Kroenke’s Woodland Hills mall deal financed with $244M Deutsche Bank loan
    Banner Real Estate Group's Kent McCreedy and 20401 West Ventura Blvd (Google Maps. Getty, Banner Real Estate Group)
    Chicago firm plans self-storage on Ventura Boulevard
    Chicago firm plans self-storage on Ventura Boulevard
    EDENS' Jodie McLean, Combined Properties' Kathy Bonafé and photos of supermarket properties (Newmark, Getty, Federal Reserve Bank of Richmond, Combined Properties)
    Edens pays $137M for supermarket-anchored portfolio
    Edens pays $137M for supermarket-anchored portfolio
    DJM's Lindsay Parton and 21221 Hawthorne Boulevard (DJM Capital, Google Maps)
    DJM plans upgrade at Torrance retail center with $75M loan
    DJM plans upgrade at Torrance retail center with $75M loan
    8747 Parthenia Place in North Hills (Google Maps, Getty)
    Parthenia Partners to build 55 apartments in North Hills
    Parthenia Partners to build 55 apartments in North Hills
    12507 San Fernando Road
    Developer plans 100-unit apartment complex near Metrolink in Sylmar
    Developer plans 100-unit apartment complex near Metrolink in Sylmar
    City of Burbank mayor Jess Talamantes and Pickwick Bowl (City of Burbank, Pickwick Bowl, Getty)
    Facing YIMBY suit, Burbank approves Pickwick Bowl project
    Facing YIMBY suit, Burbank approves Pickwick Bowl project
    arrow_forward_ios

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

    Loading...