October 7, 2019 – JLL announced today that it has closed the sale of and secured acquisition financing for Towne Center East, a fully leased, 154,750-square-foot retail center with multiple national anchors in the Southern California community of Signal Hill, California.
JLL marketed the property on behalf of the seller, BIG Shopping Centers USA, Inc. An institutional buyer purchased the asset. Additionally, JLL placed the fixed-rate acquisition loan with a global investment bank.
Towne Center East is 100% leased to two high-performing anchors, The Home Depot and PetSmart, along with inline tenants Supercuts, T-Mobile, Subway, GNC, Chinese Combo, Tutti Frutti Yogurt and more. The retail center is shadow anchored by a Costco Wholesale that features a Costco gas station and tire center. Situated on nearly 15 acres at 2172-2598 Cherry Avenue, the center is at the intersection of E. Willow and Cherry Streets, where it is visible to more than 63,000 vehicles per day and from both the 405 and 710 Freeways. Towne Center East is surrounded by residential communities in Signal Hill, a hillside community in a dense, infill Los Angeles County location adjacent to Long Beach, and more than 320,000 residents earning an average annual household income of nearly $80,000 live within a three-mile radius of the center. Additionally, the center is proximate to California State University, which has an enrollment of 37,000 students.
The JLL Capital Markets team representing the seller was led by Executive Vice Presidents Patrick Toomey and Tom Lagos.
The JLL Capital Markets debt placement team representing the new owner included Director Matthew Stewart and Executive Vice President Reid McGlamery.
“The sale of Towne Center East is another example of the strong demand for quality retail real estate in Southern California,” Lagos said. “The property attracted a spectrum of private and institutional bidders seeking well-located real estate with a risk averse income stream.”