Buyers Close $44M in Retail Acquisitions

WHITTIER, CA-A local buyer has acquired the 168,263-sf Whittier Marketplace for $38 million, and a 9,785-sf West Los Angeles center has traded for $644 per sf, according to brokers from two Orange County firms that were involved in the deals. In the larger deal, Whittier Marketplace LLC of Los Angeles bought the fully leased grocery-anchored community retail center at 11701-11891 Whittier Blvd. from Encino-based Urbatec.

Jereme Snyder of Sperry Van Ness in Irvine notes that the buyer paid a $1 million non-refundable deposit with the execution of the contract and closed escrow in 60 days at a price that “exceeded the seller’s expectations.” Snyder and Geoff Tranchina of Sperry Van Ness in Los Angeles represented the seller, with the buyer represented by Robert Zaharia of Sperry Van Ness in Los Angeles.

Built in 1992 and situated on 14.97 acres, the Whittier Marketplace consists of seven buildings and is occupied by Ralph’s supermarket, Sav-on Drugs, AutoZone, Radio Shack, Subway and others. The property also includes Denny’s, McDonald’s, Blockbuster and Pacific Auto Spa that are on ground leases. The center is located in the uptown Whittier trade area in front of Whittier High School at the corner of Whittier Boulevard and Hadley Street, an intersection with a traffic count of approximately 35,000 cars per day.