ARCADIA, CA-The 351,871-square-foot Arcadia Hub Shopping Centerhas sold for $70 million in one of the largest retail deals in LosAngeles County in 2010. The property, at the signalizedintersection of West Duarte Road and South Baldwin Avenue, is atwo-level community shopping center that was more than 95% occupiedat the time of the sale, according to Reza Etedali of NewportBeach, CA-based REZA Investment Group Inc., which represented theseller.

Etedali tells GlobeSt.com that both the buyer and the sellerwere private Los Angeles-based investors and that the propertygenerated “a ton of interest” because of its good financialperformance, infill location and the long-term leases of tenantsthat include a Pavilions grocery store, Burlington Coat Factory,JoAnn Fabrics, and L.A. Fitness. The bidders includedhigh-net-worth private investors, family trusts, REITs and bothUS-based and international institutional investors. Etedali saysthat the property is the type of core asset that most interestsinvestors in today’s market. The core markets and core assets aretreated by investors like gold. “Right now, investors are stilluncomfortable with some of the value-added assets because they feelthat some of those properties haven’t adjusted to the currentpricing,” Etedali says.

The Arcadia Hub center’s infill location means that there islittle or no potential for new developments nearby, Etedali says.The Pavilions market in particular, he said, is a veryhigh-performing store.