{"id":1004280638,"date":"2018-11-20T01:28:21","date_gmt":"2018-11-20T09:28:21","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004280638"},"modified":"2022-12-09T01:57:23","modified_gmt":"2022-12-09T09:57:23","slug":"cbre-brokers-41m-la-retail-center-sale","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/cbre-brokers-41m-la-retail-center-sale\/","title":{"rendered":"CBRE Brokers $41M LA Retail Center Sale"},"content":{"rendered":"

By Keith Loria<\/p>\n

\"Santa<\/a>

Santa Fe Trail Plaza<\/p><\/div>\n

TA Realty has acquired Santa Fe Trail Plaza, a 112,335-square-foot community shopping center in El Monte, Calif., from a joint venture between Festival Cos. and Hutensky Capital Partners. Although the price was not disclosed, industry sources listed the purchase price at around $41.4 million.<\/p>\n

Completed in 2016, Santa Fe Trail Plaza sits on 9.2 acres at 10601-10761 Valley Blvd. and 10714 King Court in El Monte, less than half an hour east of downtown Los Angeles.<\/p>\n

\u201cOpportunities to acquire successful grocery-anchored community centers within the densely-populated Los Angeles County trade area are few and far between in today\u2019s market,\u201d<\/em> Kirk Brummer, CBRE\u2019s director, national retail partners \u2013 West, told Commercial Property Executive<\/em>. \u201cSanta Fe Trail Plaza offered investors a high-performing grocery-anchor in Superior Grocers, combined with a complementary mix of national credit tenants such as Ross Dress for Less, Petco, Five Below and Starbucks, catering to the surrounding trade area.\u201d<\/em><\/p>\n

Additionally, the property was newly developed and features a timeless, high image and extremely functional design. That helped bring in multiple offers to purchase the property.<\/p>\n

\u201cWe received strong interest from both private and institutional investors, which ultimately generated multiple offers from several qualified groups,\u201d<\/em> Brummer said. \u201cThe extreme lack of quality grocery-anchored shopping centers available in Southern California combined with strong institutional investor demand for this product type created an ideal scenario for our client to maximize the value of their project.\u201d<\/em><\/p>\n

CBRE\u2019s Brummer, Philip Voorhees, Sean Heitzler and the firm\u2019s NRP-West team represented both sides in the transaction. With this deal, CBRE\u2019s NRP-West team surpassed $11 billion in successfully closed retail investment sale transactions.<\/p>\n

Land in demand<\/h2>\n
\"Santa<\/a>

Santa Fe Trail Plaza<\/p><\/div>\n

Santa Fe Trail Plaza is situated within an extremely dense, supply-constrained trade area creating high barriers to entry. There is virtually no available land to build a new competing grocery-anchored shopping center in this submarket which ensures the property\u2019s long-term growth and success.<\/p>\n

According to Brummer, being that the property is only two years old and nearly fully occupied with new, long-term leases, the new owner is not expected to make any immediate, significant changes.<\/p>\n

In October, CBRE\u2019s NRP-West team mediated the highest-priced retail property to trade in Orange County<\/a> in 2018. Working on behalf of its Smart Markets Fund. Stockbridge acquired Edinger Plaza, a 155,275-square-foot power shopping center in Huntington Beach, Calif.<\/p>\n

Images courtesy of CBRE<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

A joint venture between Hutensky Capital Partners and Festival Cos. sold the 112,000-square-foot Santa Fe Trail Plaza in El Monte.<\/p>\n","protected":false},"author":451,"featured_media":1004280698,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,1594,21742,21749,15],"tags":[32789,43085,38959,32822],"class_list":["post-1004280638","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-los-angeles","category-latest","category-retail","category-west","tag-cbre","tag-hutensky-capital-partners","tag-philip-voorhees","tag-ta-realty"],"acf":[],"yoast_head":"\nCBRE Brokers $41M LA Retail Center Sale - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/cbre-brokers-41m-la-retail-center-sale\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CBRE Brokers $41M LA Retail Center Sale\" \/>\n<meta property=\"og:description\" content=\"A joint venture between Hutensky Capital Partners and Festival Cos. sold the 112,000-square-foot Santa Fe Trail Plaza in El Monte.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/cbre-brokers-41m-la-retail-center-sale\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2018-11-20T09:28:21+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T09:57:23+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/11\/Santa-Fe-Trail-Plaza.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Keith Loria\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/cbre-brokers-41m-la-retail-center-sale\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/cbre-brokers-41m-la-retail-center-sale\\\/\"},\"author\":{\"name\":\"Keith Loria\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/aaa29b723dad85f2444ae3cb0c4d735f\"},\"headline\":\"CBRE Brokers $41M LA Retail Center Sale\",\"datePublished\":\"2018-11-20T09:28:21+00:00\",\"dateModified\":\"2022-12-09T09:57:23+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/cbre-brokers-41m-la-retail-center-sale\\\/\"},\"wordCount\":427,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/cbre-brokers-41m-la-retail-center-sale\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2018\\\/11\\\/Santa-Fe-Trail-Plaza.jpg\",\"keywords\":[\"CBRE\",\"Hutensky Capital Partners\",\"Philip Voorhees\",\"TA Realty\"],\"articleSection\":[\"Deals\",\"Featured\",\"Los Angeles\",\"News\",\"Retail\",\"West\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/cbre-brokers-41m-la-retail-center-sale\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/cbre-brokers-41m-la-retail-center-sale\\\/\",\"name\":\"CBRE Brokers $41M LA Retail Center Sale - 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