LA CANADA, CA-A private investment partnership has acquired the42,093-square-foot Foothill Promenade at 475 Foothill Blvd. fromDollinger Properties of Redwood City, CA for $16 million in anoff-market transaction. The property, a neighborhood shoppingcenter that was built in 1995, was 100% occupied at the time ofsale, according to William B. Asher of Irvine, CA-based HanleyInvestment Group, who represented the buyer along with Jim Bartheof Real Estate Portfolio Specialists of Pasadena and Paul andNathan Strauss of ASB Property Management Inc. of Monrovia.

The center is situated on 2.75 acres at the signalizedintersection of Foothill Boulevard and Gould Avenue. Tenantsinclude Trader Joe's, Union Bank, Petco, Aaron Brothers, Starbucksand Han’s Beauty.

According to Asher, the partnership that bought the center isseeking to acquire additional high- quality shopping centers inSouthern California, preferably on an all-cash basis. The FoothillPromenade is the second major shopping center purchased by theinvestors in the last 10 months. In October 2009, they acquired theTustin Courtyard Shopping Center in Orange County.