The three LA-area centers were among nine properties that BlackRock acquired last year that in turn were part of a 16-property portfolio sold by Barclays Realty & Management Co. The three centers are the 154,692-sf Plaza de Hacienda at 1801 N. Hacienda Blvd. in La Puente, the 74,391-sf Gateway at Burbank at 25-113 W. Alameda Ave. in Burbank and the 47,748-sf Creekside Place at 23626-23630 Valencia Blvd. in Santa Clarita.
Walker, Charles Simpson and Peter Spragg of the Newport Beach office of Grubb & Ellis represented Florham Park, NJ-based BlackRock as well as the private investors who bought the properties. Walker notes that Gateway at Burbank and Creekside Place were sold in an off-market deal to the Bellevue investment group, which had an existing relationship with BlackRock.
Plaza de Hacienda was sold to a Los Angeles-based private investor for $33.8 million. The center, which was 100% leased at the time of the sale, was built in 1992 with additional phases added in 1995 and 2001. Its tenants include Food 4 Less, A.J. Wright and Big 5 Sporting Goods.
The Gateway at Burbank, which was built in 1999, sold for $37.6 million. The property was 100% leased at the time of sale and is anchored by Ralphs and CVS. The Creekside Place sold for $22.8 million. Built in 1995, it is anchored by Barnes & Noble and Applebee's.
Walker points out that the Plaza de Hacienda generated 23 offers. The property, which is located in a Hispanic trade area, "demonstrates investor demand for properties that cater to the Hispanic community," he comments.
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