Investor Group Assembles $38M Retail Portfolio

LOS ANGELES, CA-A joint venture of ScanlanKemperBard Cos. of Portland, Ore. and New York-based Praedium Group has acquired two Southland shopping centers from San Diego-based Burnham Pacific Properties Inc., which is in the process of liquidation. The group expects to close on a third Burnham center this week.

Principal Robert Scanlan of the Portland firm tells GlobeSt.com that the joint venture bought the 164,703-sf Santa Fe Springs shopping center for $19.67 million and the 160,051-sf Crenshaw Imperial center in Inglewood for $9.83 million from the REIT. The joint venture expects to close this week on the 76,744-sf Margarita Plaza in Huntington Park, which it has agreed to buy for $8.2 million.

All three properties are fully leased grocery and drugstore-anchored, Scanlan says, noting that such centers are favorites among lenders today. “When debt gets this attractive, it’s easier to get equity because we can give equity a higher return on its money,” Scanlan says.