Huntington Plaza, a 57,148-square-foot shopping center anchored by Sprouts Farmers Market and Walgreens, has been sold for an undisclosed sum. Located at 400 W. Huntington Drive in the San Gabriel Valley City of Monrovia, the center was 96 percent leased at the time of the sale. Other notable tenants include McDonald’s, Jersey Mikes, Flame Broiler, Great Clips, and Pacific Dental.
The property, which is situated on approximately 4.5 acres of land, was originally built in 1968 and significantly upgraded in 2010, when Sprouts Farmers Market and Walgreens were secured as anchor tenants and McDonald’s signed a new, long-term lease extension.
Bill Bauman, executive vice president, Kyle Miller, corporate managing director, and Steve McDonald, managing director, of Studley, along with Armando Aguirre, senior vice president of Colliers International, represented the seller, Huntington Plaza Properties, LLC, in the transaction. Studley and Colliers have jointly handled the leasing of Huntington Plaza for more than six years.
Engaged by the owner to offer the property for sale, Studley and Colliers initiated an accelerated two-week marketing campaign in order to meet the seller’s specific timing requirements, in addition to pricing thresholds. Ultimately, a total of 19 offers were received, representing both private and institutional buyers.
“The selected buyer, who had excellent local knowledge and strong advisors, was able to definitively demonstrate the ability to close the transaction within an expedited timeframe,” noted Studley’s Miller.
“The seller invested the capital needed to enhance the appeal of the center, attract tenants, and ultimately realize a very rewarding sales price,” added Bauman.
Paul and Nathan Strauss of ASB Property Management, Inc. and Jim Barthe of Real Estate Portfolio Specialists, Inc. represented the buyer, a private client.
The new ownership has retained Studley and Colliers to continue handling the asset’s leasing.