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WEST LOS ANGELES-Passco Real Estate Enterprises Inc. of Irvine expects to close this week on its acquisition of the 247,833-sf Promendade at Howard Hughes Center entertainment and retail center, which it has agreed to acquire from a joint venture of J. H. Snyder Co. of Los Angeles and ORIX Real Estate Equities of Chicago for $95 million. The buyer and Reza Etadali of Irvine-based REZA Investment Group, which represented both the buyer and the seller, say it’s the largest retail deal in California this year. The selling JV was the original developer of the project in 2001.William Winn, president of Passco calls the center “one of the Westside’s most recognizable retail properties.” Its location along the San Diego Freeway and its mix of national retail, restaurant and entertainment tenants provide “a strong day-time clientele,” courtesy of Arden Realty’s 2.4-million-sf office campus adjacent to the center, Winn says. The Howard Hughes office campus includes the build-to-suit headquarters for Univision Communications Inc. and several additional class A office buildings owned and managed by Arden. Some 92% of the retail tenants are either national or regional operators, including the 17-screen “The Bridge” Theaters, which features an IMAX format, stadium seating, reserved seating options and an upscale lounge and bar. Other anchors include Borders Books, Nordstrom Rack and a variety of restaurants. The center is close to several affluent trade areas, including Culver City, Hermosa Beach, Manhattan Beach, Marina Del Rey, Playa Del Rey, Redondo Beach, Santa Monica, Torrance and Westchester. About 660,000 people live within a five-mile radius of the property, and the average household income within a one-mile radius is $90,000.Passco’s plans for the property include continued leasing and marketing efforts, improved exterior and parking lot signage, and additional amenities for the courtyard and common areas. Winn notes that the center will be offered as an investment for 1031 tenant-in-common investors.

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