A private investor has acquired the Huntington Plaza, a 57,148-square-foot, Sprouts -anchored shopping center in Monrovia. Although the purchase price of the sale was undisclosed, industry sources reveal the price was approximately $26 million with a 5% cap rate.
The sale of this property generated strong interest, receiving 19 offers from both private and institutional investors. “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,” says Kyle Miller, Studley corporate managing director, who represented the seller in the transaction along with EVP Bill Bauman, managing director Steve McDonald and Colliers International SVP Armando Aguirre. The two companies have also handled the center’s leasing efforts for the last six years and will continue to provide leasing services for the new owner.Huntington Plaza Sale Reaps Double-Digit Offers
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