WHITTIER, CA-Phoenix-based Cole Real Estate Investments hasacquired 533,518 rentable square feet of retail space at theWhittwood Town Center for $83.5 million, according to a publicfiling by Cole Credit Property Trust III Inc, a nontraded REIT.Cole acquired the property from Morgan Stanley's Prime PropertyFund, which was represented by Downtown Los Angeles-based executivemanaging director Marc Renard of the Cushman & WakefieldCapital Markets Group and his team.

|

The Whittwood Town Center, at 15608 Whittwood Lane, was 96.4%occupied at the time of closing, with a tenant roster includingTarget, Sears, JC Penney and others, according to the Cole publicfiling. The property was originally constructed in the 1950s butwas redeveloped in 2004.

|

Scott Holmes, vice president of acquisitions for Cole, tellsGlobeSt.com that the investment firm was attracted to theacquisition by "the high-credit quality and long term leases of thetenants, particularly the 20-plus-year ground lease with Target, aswell as the supply-constrained nature and density of thelocation."

|

According to Renard, the Whittwood center generated more than 20offers from a variety of types of investors, including pensionfunds, private REITs, offshore buyers and others. He tellsGlobeSt.com that, "The pricing and the significant investorinterest are a testimony to how sought-after core urban infill realestate is," especially properties like Whittwood with a very stabletenancy in areas with high barriers to entry.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.