Shea Properties Buys 10 Acres

ALHAMBRA, CA—Shea Properties has acquired 10.5 acres in downtown Alhambra with plans to build a mixed-use complex with 140,000 square feet of retail and dining space and 260 luxury apartment units, aptly named Alhambra Place. The seller of the land site as well as the investment costs are undisclosed.

“Alhambra Place was a great acquisition as it lies at the heart of the City of Alhambra, a great urban infill location with strong demographics just eight miles outside of Downtown Los Angeles,” Greg Anderson, SVP of multifamily development at Shea Properties, tells GlobeSt.com. “It was a unique opportunity for Shea Properties to develop a true mixed-use project with 140,000 square feet of retail and 260 apartment units. Shea Properties is one of the few developers with the in-house capability to do both.”