JLL closes sale, financing of Southern California retail center
The fully leased center is in a prime Los Angeles County location adjacent to Long Beach
LOS ANGELES, 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.”
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 investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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Jones Lang LaSalle Americas, Inc. ("JLL") is a real estate broker licensed with the California Department of Real Estate, license #01223413.
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 nearly 92,000 as of June 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com
About BIG Shopping Centers USA, Inc.
BIG Shopping Centers USA, Inc. (BIG USA) is a subsidiary of the Israeli parent company BIG Shopping Centers, Ltd. (TASE: BIG) a real estate company publicly traded in the top TASE 125 Index at a market value close to $1 billion. BIG USA is a full-scale retail shopping center company based in Phoenix, Arizona. Visit bigcentersusa.com for more information.