(Mark Your Calendars: RealShare REAL ESTATE 2012, March 22nd in Los Angeles).
ALHAMBRA, CA-GlobeSt.com has learned that Wilson Commercial Real Estate has been retained by an East Coast-based institutional investor to market Alhambra Place, a 10.1-acre retail site at Main Street and Garfield Avenue in this San Gabriel Valley submarket. Although Wilson Commercial Real Estate could not disclose the specific identity of the seller, senior vice president Geoff Tranchina tells GlobeSt.com that the seller chose to sell because of the “tremendous amount of liquidity chasing value added deals in the marketplace” that would be able to attract a “substantial amount of interest in Alhambra Place.”
The five-parcel, 180,875-square-foot site provides many size and configuration options for attracting new tenants including traditional anchor and junior box space, street front shops, courtyard retail, and pads. Although Tranchina couldn’t get into what it might fetch, the project was an assemblage that the current owner purchased over many years, he explains.
Tranchina is working with senior associate Jason Gribin to oversee the marketing of the property. Tranchina tells GlobeSt.com that the firm has already received interest from traditional retail developers, mixed-use developers and specialty users. “We expect to see offers from both local and regional developers as well as local investors backed by foreign capital,” he adds.
According to Tranchina, “This is a rare opportunities for an investor to acquire a value-added property in a thriving area of Southern California. This investment provides the new owner with a multitude of options from repositioning with new tenants to re-entitling the project for greater density with a mix of uses.”
Alhambra Place is located approximately eight miles northeast of Downtown Los Angeles. The property features immediate access to the San Bernardino Freeway and Long Beach Freeway. Alhambra Place draws from a large and diverse population with more than 272,000 residents and a heavily trafficked intersection averaging approximately 50,000 vehicles per day, according to Wilson Commercial Real Estate.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
