News release

LA County grocery-anchored retail center sells for $16.9M

JLL Capital Markets closed the sale of El Monte Plaza, anchored by a Northgate Market in El Monte, California

January 27, 2022

Kimberly Steele

Capital Markets, Agency Leasing and Valuation Advisory PR
+1 713 852 3420

NEWPORT BEACH, Calif., Jan. 27, 2022 – JLL Capital Markets announced today that it has closed the $16.9 million sale of El Monte Plaza, a 60,279-square-foot retail center anchored by Northgate Market in the Los Angeles County community of El Monte, California.

JLL marketed the property on behalf of the seller, Griffin Living. Balboa Retail Partners acquired the asset.   

El Monte Plaza’s grocery anchor, Northgate Market, is an ethnic supermarket chain known for its Hispanic focus and authentic ingredients imported from Mexico. The center’s diverse tenancy is rounded out by Carl’s Jr., Taco Bell, Monte Dollar and other “mom and pop” tenants. Performance and traffic at the center through COVID have been strong, driving investor demand for suburban grocery-anchored centers.

Positioned at 3828 Peck Rd., El Monte Plaza is proximate to the San Bernardino Freeway (Interstate 10) west of Los Angeles. This dense suburban pocket includes 115,000 residents comprising a majority Hispanic population. Additionally, the center is within El Monte’s prime retail corridor.

The JLL Retail Capital Markets team representing the seller was led by Managing Directors Gleb Lvovich and Senior Director Daniel Tyner.  

“Investor demand for ethnic grocery-anchored retail is at an all-time high,” Tyner said. “The center’s strong performance and infill location will allow for continued growth at the property for many years to come.”

“Our team is extremely bullish on the fundamentals within the ethnic retail space,” Lvovich added. “We’ve watched the rent rolls remain strong during COVID, and investors have noticed. El Monte Plaza is a great example of an ideal investment for capital looking to invest in the 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 investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 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.   

About JLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 95,000 as of September 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.

About Griffin Living

Griffin Living is an award-winning, privately-owned real estate development firm headquartered in Calabasas, California, with offices in Atlanta and Naples, Florida. The firm was founded by Paul Griffin III, a fifth-generation home builder. Griffin Living develops and maintains properties across the United States, with a portfolio including senior living, residential, commercial, retail, and master planning projects.

About Balboa Retail Partners

Balboa Retail Partners is a real estate investment company dedicated to pursuing retail opportunities nationwide.