EL MONTE, Calif. – CBRE’s Executive Vice President Philip D. Voorhees and Director Kirk Brummer announced today that the National Retail Partners-West (NRP-West) completed the sale of Santa Fe Trail Plaza in El Monte, California, a dominant Los Angeles grocery-anchored community center, leased to high-performing, national and regional credit tenants including Superior Grocers, Ross Dress for Less, Petco, Five Below (opening soon), Starbucks (drive-thru), Subway, Jack In the Box, AT&T, Chipotle, Jersey Mike’s, Flame Broiler, Wing Stop, UPS and others. The sale price could not be disclosed.
CBRE retail experts Sean Heitzler, Brummer and Voorhees represented the joint-venture partnership of the Festival Companies of Los Angeles and Hutensky Capital Partners (HCP) of Hartford, Connecticut. The buyer, also represented by the NRP-West team, is TA Realty based in Newport Beach, California.
Recently completed in 2016, Santa Fe Trail Plaza is a 112,335-square-foot community shopping center, situated on 9.2 acres of land at 10601-10761 Valley Boulevard and 10714 King Court in El Monte, roughly 29 minutes east of downtown Los Angeles.
“This transaction once again demonstrates that high-performing grocery-anchored centers located within dense, infill trade areas continue to be in high demand, particularly from institutional investors,” said Brummer.
“Densely populated, urban locations featuring value-focused, necessity tenants with complementary food and beverage uses provide the highest resistance to internet competition. And, with retail’s comparatively low floor area ratio (FAR) compared to other commercial property types, this property will permit the widest possible array of future uses and the opportunity to increase density in the future,” said Voorhees. “Festival Companies builds timeless, high image, functional retail projects in trade areas with high barriers to entry. Santa Fe Trail Plaza promises only to improve in the years to come.”
CBRE’s marketing efforts produced more than 395 confidentiality agreement/offering memoranda distributed and through the team’s “managed bid” offer process, generated multiple offers to purchase the property, according to Brummer.
With this closing, CBRE’s NRP-West team topped $11 billion in successfully closed retail investment sale transactions. Select NRP-West team California listings include: Vista Village in Vista (in escrow); Outlets at the Border in San Ysidro listed for $55,967,000; TownGate Center in Moreno Valley listed at $51,833,000; and, Westport Square + Plaza in Costa Mesa, listed for $20,940,000.
More information is available at nrpwestlistings.com.
The NRP-West team focuses exclusively on retail investment properties in the western states, including California, Oregon, Washington, Nevada, Arizona and Hawaii, representing the most accomplished retail investors in the US. The team’s ability to collaborate across CBRE’s multi-discipline platform enhances its role as strategic advisors to western U.S. clients in the disposition and acquisition of retail properties and ensures the delivery of superior results in today’s investment market. Long recognized as industry-leading investment experts, the NRP-West team continues to specialize in portfolio sales, anchored centers, strip centers, single-tenant assets, specialty retail projects, REO and Receivership assets and parcelized disposition strategy opportunities. Based in Orange County, California, the team consists of specialists with institutional and private client relationships and leverages institutional quality knowledge and service across unparalleled access to private capital investors and the brokers who represent them, domestically and around the world.
View listings: nrpwestlistings.com.
About Hutensky Capital Partners
Hutensky Capital Partners, based in Hartford, CT, manages discretionary institutional funds that invests in retail assets with value-add opportunity in major U.S. markets via direct investment, joint ventures, and the purchase of debt.
For more information on Hutensky Capital Partners, visit www.hcpfund.com.
About Festival Companies
Headquartered in Los Angeles, California, Festival is recognized nationwide as a respected innovator of urban in-fill shopping center redevelopment and ground-up development, transforming real estate into quality retail destinations that suit their unique locations and demographics. Built upon a foundation of entrepreneurship and more than 30 years of experience, Festival takes a disciplined and hands-on approach to every aspect in the development and operation of shopping centers and commercial retail real estate.
For more information, visit www.festivalcos.com.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2017 revenue). The company has more than 80,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services.
Please visit our website at www.cbre.com.
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