Owners Place Plaza at Puente Hills on the Market

The property is jointly owned by New York-based Coventry Real Estate Advisors, Ohio-based Developers Diversified Realty and New Jersey-based Prudential Financial Inc. It is at 17877-18271 Gale Ave., along the 60 Freeway in this city, and will be the sixth to be sold by Faris Lee in such a break-up strategy.

Plaza at Puente Hills "is a natural candidate for a break-up strategy," says Richard Walter, president of Faris Lee, who says the selection of a seven-parcel break-up strategy was based on the site plan, size and management of the property. By splitting the property into seven separate transactions, he adds, Faris Lee expects to maximize the value of the center by attracting both institutional and private buyers. In its entirety, the property is valued at $55 million, Faris Lee says. The property occupies 17.7 acres across the street from the Puente Hills Mall and is 96% occupied. Tenants include Office Depot, Smart & Final, Preferred Bank, Mimi's Café and Claim Jumper. Anchor tenants that will not be included in the sale are Home Depot, Toys "R" Us and Sam's Club.

Besides being the sixth property to be parcelized for sale by Faris Lee, the Plaza at Puente Hills is the second shopping center this week to be offered on such a basis. As reported on GlobeSt.com earlier this week, the Lewis Group of Cos. of Upland is offering parcels of its Terra Vista shopping center in Rancho Cucamonga for the same reasons cited by Faris Lee for marketing the Plaza at Puente Hills on a parcelized basis.

Among the other large Southern California properties that have been marketed in this manner was the 492,000-sf Torrance Crossroads power center in Torrance. Faris Lee sold that property in individual parcels to eight separate buyers.