LOS ANGELES-Grand Ladera LLC, a Los Angeles-based investment group, has acquired the 186,770-sf Ladera Center shopping center and has assumed a loan of $22 million at an interest rate of 5.15% as part of the deal, according to Grubb & Ellis. The property is at 5233-5399 W. Centinela Ave. and was 100% leased at the time of sale, report Dixie Walker and Charley Simpson of the Newport Beach office of Grubb & Ellis, who represented the buyer and the seller.
The retail center is anchored by Ralphs, Sav-On and Ross Dress For Less. The property was originally constructed in 1965, and then redeveloped in 1985 and 2002. The asset was sold by McFarlane Partners of San Francisco.
Simpson tells GlobeSt.com that the seller expanded the Ralphs store from approximately 35,000 sf to 60,000 sf as part of the redevelopment in 2002. The redevelopment also included general upgrades to the property.
The listing generated about 25 offers for the center, an indication of the demand for fully leased retail properties in infill locations. McFarlane Partners had owned the property for about 10 years.
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