LOS ANGELES-Wilson Commercial Real Estate (WCRE), one of Southern California's leading retail brokerage firms, has closed on the sale of Glendale Marketplace, a two-story, open-air shopping center totaling 154,240 square feet of space. While Wilson declined to disclose the sale price, industry sources unrelated to the deal report that it was $50 million.

Geoff Tranchina of WCRE represented the seller, Eagle Glendale Marketplace, L.P. and AK Glendale, LLC and buyer, a joint venture of Denver, Colorado-based Eagle Glenbrook LLC and CETTG Glendale LLC.  The Buyer was also advised by Carlsbad Capital's, Tony Bernheim.

“Unique assets like Glendale Marketplace are not a fit for many buyers in the market so it required our leasing and sales teams commitment and local market expertise to locate the right buyer and assist them through the sale process,” said Geoff Tranchina, senior vice president, Wilson Commercial Real Estate.  “The buyer immediately identified that Glendale Marketplace was a one-of-a-kind asset within the submarket where assets rarely trade."

Glendale Marketplace is conveniently located just off the 134 Freeway at South Brand Blvd. in the heart of downtown Glendale, California. The center is home to several national retailers such as Old Navy, Outback Steakhouse, HomeGoods and LA Fitness (forthcoming).

Tranchina added: “The location coupled with the continued redevelopment of the neighboring Glendale Galleria and Americana at Brand and the buyers planned improvements will make Glendale Marketplace one of the top retail destinations in the area.

Founded in 1990, Wilson Commercial Real Estate has leased and sold over 10 million square feet of retail space with an aggregate consideration of over $1.5 billion. The company currently represents 9 million square feet of retail space in 75 shopping centers throughout Southern California.