Steve Alkana, director of operations for Regent Properties, tells GlobeSt.com that the property drew several bidders during its six months on the market. "There was a lot of interest in it," says Alkana. Larry Klein, chief investment officer for the buyer, declined to comment on the acquisition, citing a confidentiality agreement signed by the two parties. "It's a private transaction," Klein tells GlobeSt.com.
The mall, located on S. Brand Blvd. eight miles north of Downtown Los Angeles in a formerly blighted area of Glendale, was the cornerstone of the city's effort to revitalize the area around Brand Avenue and Broadway. The two-block area on Brand Avenue where the shopping center is located was once a collection of boarded up and vacant buildings.
Today, the mall, anchored by a WOW! Multi media store, Gap Old Navy and a Mann Theater multiplex, generates more than $450 per sf in sales, making it one of Southern California's most successful retail ventures. One year after its opening, the International Council of Shopping Centers presented the mall with a merit award for innovative design and construction. It also won recognition from the California Redevelopment Agency for spurring positive impacts to the community.
Reza Etedali and Cheryl Pestor of Sperry Van Ness represented the seller in the sale of Glendale Marketplace.
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