August 23, 2019 – CBRE Vice Chairman Philip D. Voorhees announced today that the National Retail Partners-West (NRP-West), along with Alex Kozakov and Patrick Wade from CBRE Los Angeles, completed the sale of Monrovia Landing in Monrovia, Calif., a grocery-anchored asset, 100%-leased to high-performing, national credit tenants Aldi, T.J.Maxx/HomeGoods, ULTA Beauty and O’Reilly among others. The sale price was $30.5 million.
CBRE retail experts Patrick Wade, Alex Kozakov, Sean Heitzler, Jimmy Slusher and Philip Voorhees represented the seller, a partnership between Telos Capital, a Pasadena-based private real estate investment firm, and Warner Pacific Properties, a real estate development firm. The buyer, based out of Los Angeles and represented by Marcus & Millichap (Sheila Alimadadian), purchased the asset as a 1031 exchange from a prior sale.
“Investor demand for the site was fueled by the quality of the tenants, thoughtfully executed site redevelopment and the San Gabriel Valley location,” said Slusher. “From a tenant perspective, Monrovia Landing is a classic example of retailer demand for access to well-located, infill locations in core markets. While the site didn’t make sense for the previous tenant, it’s a fantastic fit for this new group of value-oriented tenants, each benefiting from proximity to each other. The site should continue as a retail staple for the local community and a consistent stable investment for the buyer.”
After acquiring the 96,885-square-foot property in 2016, Warner Pacific Properties began a re-tenanting and repositioning program for the center. Situated on over ±6 acres, Monrovia Landing is located at 723-737 E. Huntington Drive, adjacent to 24-Hour Fitness and Trader Joe’s corporate office.
“With only 6 tenants on long-term NNN leases, Monrovia Landing was an ideal 1031-exchange investment,” said Wade. “The majority of offers received were from private investors that were attracted to the best-in-class tenant roster consisting of internet-resistant grocery, food, fitness, auto parts and apparel businesses.”
According to Slusher and Wade, CBRE’s marketing efforts produced more than 467 confidentiality agreements/offering memoranda distributed and, through the team’s “managed bid” offer process, generated 7 offers and competitive bidding to purchase Monrovia Landing. With this closing, CBRE’s NRP-West team has completed a total of 51 retail investment sales over the last 12 months and topped $11.4 billion in successfully closed retail transactions.