Grocery-anchored center on Los Angeles’ westside sells in off-market deal
JLL's retail capital markets team completes the off-market sale of The Balcony on Beverwil, a 71,000 s.f. shopping center in LA's Pico-Robertson corridor
LOS ANGELES—Dec. 3, 2018 – JLL’s Capital Markets experts have completed the off-market sale of The Balcony at Beverwil, a 71,184-square-foot shopping center anchored by a Ralphs grocery store and a CVS pharmacy at the corner of Pico Boulevard and Beverwil Drive in Los Angeles. The buyer was Asana Partners, a retail real estate firm focused on dense, urban markets across the country.
Executive Vice President Geoff Tranchina led the team handling the sale on behalf of the seller, a private partnership.
“This property’s strong credit tenant base and position in a highly sought-after trade area with limited competition created a very attractive investment opportunity for Asana Partners,” said Tranchina. “Known for investing in premier locations closely connected to their surrounding communities, Asana will enhance the overall customer experience at the property, showcasing its prominent location at the intersection of Pico Blvd and Beverwil Drive.”
The Balcony at Beverwil was built in 1996 and sits at the gateway to the popular Pico-Roberston neighborhood between Beverly Hills and Beverlywood. The fully leased, two-story center has underground parking for 262 vehicles. Ralphs occupies the entire ground floor with CVS, One West Bank and six other tenants occupying the second floor balcony space.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether a sale, financing, repositioning, advisory or recapitalization execution. In 2017 alone, the firm’s 2,400 Capital Markets specialists completed $170 billion in investment sale and debt and equity transactions globally.
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About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of over 90,000 as of December 31, 2018. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com
About Asana Partners
Asana Partners is a retail real estate investment company known for investing in premier locations in high-growth markets across the US. Asana's portfolio spans over 15 urban destinations including Los Angeles, Austin, Atlanta, Miami, Charlotte, Washington, DC, and New York City. Their character-rich locations offer an eclectic mix of independent, regional, and nationally-recognized brands in retail, dining, and office space. And their walkable properties consistently tap into the surrounding communities, providing an authentic neighborhood atmosphere at each location. Visit www.asanapartners.com for more information.