GLENDORA, CA-Those who follow @GlobeStcom on Twitter and @GlobeStLIVE may have seen a post teasing the announcement, but GlobeSt.com has exclusively learned that the Glendora Shopping Center has changed hands for $14.8 million. The center, located at 133 W. hwy. 66 is approximately 107,000 square feet and tenants include Albertson’s and Ace Hardware, among others.
An unidentified source not involved in the deal confirms the pricing of $139 square feet, and points out that it was a 10-day close, paid in all cash for list price. The source adds that the property is currently 95% occupied.
The seller was Houston-based Sherman Clay Group, and according to the unidentified source, the buyer was Retail Opportunity Investments Corp., a firm that is focused on acquiring, owning leasing, repositioning and managing a diverse portfolio of necessity-based retail properties, including, primarily, well located community and neighborhood shopping centers, anchored by national or regional supermarkets and drugstores.
According to the company website, ROIC targets properties strategically situated in densely populated, middle and upper income markets in western and eastern regions of the US. The Company presently owns and operates thirty-eight shopping centers encompassing approximately 4 million square feet.
GlobeSt.com could not get confirmation from parties involved on further details by deadline. We also hear that Marcus & Millichap was a broker on the deal for both the buyer and seller, with the firm’s Kyle Matthews, a VP of investments representing the buyer, but M&M could not confirm by deadline or provide further details.
GlobeSt.com will update the story if we learn more.
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