Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.