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LOS ANGELES-An Azusa retail center has been sold for $9 million to a local partnership. It was 90% occupied at the time of sale. Encompassing 157,049 sf, the property is located at the corner of Gladstone and Azusa.

Alan Krueger of Marcus & Millichap’s Ontario office represented the buyer, LA-based Edgewood Partners, as well as the seller, LA-based Reim Commercial Properties.

Sales activity in the county’s retail market has cooled somewhat in recent months, as consumer sales have slowed while a string of bankruptcies and consolidations has occurred in both the theater and department store businesses. Meanwhile, construction of new retail properties continues at a steady pace, leaving some real estate experts worried about the potential of overbuilding. In Los Angeles alone, 12.6 million sf of retail space is either planned or under construction, according to a report by Grubb & Ellis.

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