Target-Leased Retail Complex Flies Off Market

LOS ANGELES—James Campbell Co. has sold the Puente Hills East Shopping Center for $36.7 million to an unnamed investor. The shopping center has a rare ground lease with Target, which helped to attract ample interest across investment classes and generated 16 offers. James Campbell Co. sold the property after completing a significant renovation and signing four retail anchor tenants, including Old Navy, Ulta Beauty, Ross and Target.

“The interesting thing was that the property attracted all buyer classes: individuals, REITS, institutional buyers and quasi-institutional funds. We had 16 offers with at least one representative from every one of those categories,” Dixie Walker, a broker on DTZ‘s retail investment team, tells GlobeSt.com. “The buyer knew the area and was looking to buy properties in the area, so he came in with a short due diligence period and hard money.” Walker represented the seller in the transaction, along with Charley Simpson and Andrew Milne. Ryan Swanson and Kurt Bruggeman of Lee & Associates Irvine represented the buyer, who plans to hold the property in the long term.