Tuesday, August 11, 2015
CITY OF INDUSTRY, Calif.—August 5, 2015– Puente Hills East, a 195,063-square-foot shopping center located at 17603 -17799 Colima Road in the City of Industry, was purchased by a private investor for $36.7 million.
Ryan Swanson and Kurt Bruggeman of Lee & Associates Irvine, represented the buyer, a private investor who wishes to stay anonymous. The buyer plans to hold the property for the long term.
In addition to Target, which anchors the 100% leased center, other tenants include Ross, PetSmart, Old Navy, Ulta Beauty, Wells Fargo and Macaroni Grill. The Property is strategically located at the center of the Puente Hills retail corridor, which serves the affluent and densely populated East San Gabriel Valley region of Los Angeles County.
“The buyer was attracted to this deal because of low price per square foot for infill retail on approximately 17.6 acres, the three ground leases with below market rents and the recent renovation of the old Mervyn’s building as it was converted to four quality tenants with long term leases. This is a long term hold for the buyer.”
The seller, The James Campbell Company, was represented by Dixie Walker, Charley Simpson and Andrew Milne of DTZ.