Fully Occupied Retail Center Fetches $26M

BURBANK, CA—Tourmaline Capital has purchased Plaza del Sol, a fully occupied retail center, for $26 million from an affiliate of Barco Real Estate Management operating as HRB Plaza Del Sol LLC. Located in Burbank, CA, the 166,216-square-foot retail center is anchored by a Vallarta Supermarket.

According to Geoff Tranchina, SVP at Wilson Commercial Real Estate, who represented the buyer in the transaction along with senior investment advisor Jason Gribin, Tourmaline Capital bought the property because it was in a well-located infill market and a tenant roster of service businesses and a grocery store, which can be difficult to find in this tight retail market. “In this type of environment, sophisticated buyers are focused on acquiring high-quality assets with potential (or contractual) NOI growth that may offset future increases in interest rates,” Tranchina tells GlobeSt.com. “Opportunities still exist but you have to be creative while at the same time, extending your holding period to take advantage of the longer-term trends.”