LA CANADA FLINTRIDGE, CA-IDS Real Estate Group of Los Angeles has acquired the 115,898-square-foot La Canada Flintridge Town Center from La Canada Properties Inc. for $40 million. The retail center, anchored by Sport Chalet and HomeGoods, occupies a 7.6-acre site at La Canada’s main streets of Foothill Boulevard and Angeles Crest Highway, about 20 minutes north of Downtown Los Angeles.
The center was developed in 2008 by La Canada Properties, which is owned and operated by the Olberz family, the original founder of Sport Chalet. It comprises eight single-story buildings and is 88% occupied, according to Rob Fuelling, senior vice president of IDS.
“We see an opportunity to add value to key elements of the center,” says Fuelling. “Quality shopping centers are demonstrating increased demand today. La Canada Flintridge Town Center is a class A development in a well-established community with great demographics.”
Fuelling says that value-added initiatives planned by IDS include redesigning and enhancing the project’s common areas, landscaping, exterior lighting and other improvements. “We also intend to work with the city and our tenants to incorporate community-oriented events within the confines of the property to increase pedestrian traffic,” Fuelling says. He notes that a public park, which was part of the retail development, is located adjacent to the Town Center.
In addition to Sports Chalet’s top performing location in its 55-story chain, and HomeGoods, key tenants in La Canada Flintridge Town Center include Panera Bread, Chipotle Mexican Grill, AT&T and Taylor’s Steakhouse.
Cushman & Wakefield’s Retail Advisory Group, led by Pete Bethea, executive director and founder of the group, along with investment sales specialist Rob Ippolito, represented both IDS and La Canada Properties.
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