Los Angeles-area urban retail center sells for $64M
JLL Capital Markets closed the sale of the urban retail center on Brand Boulevard in Glendale, Calif.
NEWPORT BEACH, Calif., Jan. 11, 2022 – JLL Capital Markets announced today that it has closed the $64.1 million sale of Glendale Marketplace, a 154,049-square-foot urban retail center with popular big-box tenants in the heart of the northern Los Angeles-area community of Glendale, California.
JLL marketed the property on behalf of the seller, EB Arrow. Chicago-based Pine Tree acquired the asset.
Glendale Marketplace is 94.8 percent leased to an impressive variety of some of the most popular fitness, home furnishings restaurant and discount store retailers in the country, including Ross Dress for Less, LA Fitness, HomeGoods, Five Below, Buffalo Wild Wings and Old Navy. Constructed in 1998, the property offers a large pedestrian alleyway lined with retail suits and has ample parking augmented by an adjacent public parking garage owned by the city.
The retail center is situated on 2.2 acres at 106-146 S. Brand Blvd. in an urban, infill area of Glendale, which, with a population of more than 595,000, is the third largest city in Los Angeles County. Glendale Marketplace is in a rapidly expanding trade area that has added more than 2,100 multi-housing units within walking distance in the past five years, and more than 238,200 residents live within a three-mile radius with an average annual household income of $96,384.
The JLL Retail Capital Markets team representing the seller was led by Managing Directors Gleb Lvovich, Bryan Ley and Geoff Tranchina and Senior Director Daniel Tyner.
“We are extremely excited and bullish on big-box retail, especially in urban areas,” Lvovich said. “With retailers efficiently utilizing their stores to facilitate in-person shopping, returns and last-mile fulfilment, bricks and mortar have never been more relevant.”
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 EB Arrow
EB Arrow is an experienced commercial real estate investment firm specializing in mixed-use and single-tenant net-lease properties located throughout the United States. The EB Arrow team identifies properties with redevelopment potential and creates value through a disciplined approach towards development, leasing, asset management and marketing.
About Pine Tree
Pine Tree is a Chicago-based full-service real estate company specializing in retail. Since its founding in 1995, Pine Tree has become a leader in the development, acquisition, leasing and management of retail properties throughout the United States. With retail partners ranging from superstores to specialty shops and local chains, Pine Tree currently has approximately 20 million square feet of retail space under management.