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LA VERNE, CA-A private investor with offices in Beverly Hills and Washington, DC, has acquired the 64,727-sf -sf La Verne West Center at 1375 Foothill Blvd. from Borchard-La Verne LLC of Irvine for slightly more than $10.9 million, according to Marcus & Millichap.

Gregory Brown and Edward Hanley of the Marcus & National Retail Group in the firm’s Newport Beach office represented the seller, who had owned the property for several years. Jack Hopkins, also in the Newport Beach office of Marcus & Millichap, represented the buyer, who closed on the sale within 30 days.

Hopkins tells GlobeSt.com that the shopping center was a renovation and re-tenanting play for the seller. He points out that the seller turned over approximately 60% of the space in the center, remodeled it and filled it with new tenants during the time he owned the shopping center. The property, which was built in the 1960s, originally included a grocery store, but that space later was converted to other retail uses.

The recently renovated, 64,727-sf shopping center is located at a high-traffic intersection at 1375 Foothill Blvd. in La Verne, one of the most affluent areas of the San Gabriel Valley. The center, which occupies approximately 5.7 acres, is situated within a population of 264,000 in a five-mile trade area, according to Marcus & Millichap market studies. The average household income of the surrounding area exceeds $78,000 annually.

Anchor tenants Steinmart and Bank of America occupy approximately 65% of the retail space and account for 54% of the center’s income. Other tenants include Pick Up Stix, Cingular Wireless and Max Muscle.

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