GLENDORA, CA-Those who follow @GlobeStcom on Twitter and @GlobeStLIVE may have seen a post teasing the announcement, but GlobeSt.com has exclusively learned that the Glendora Shopping Center has changed hands for $14.8 million. The center, located at 133 W. hwy. 66 is approximately 107,000 square feet and tenants include Albertson’s and Ace Hardware, among others.
An unidentified source not involved in the deal confirms the pricing of $139 square feet, and points out that it was a 10-day close, paid in all cash for list price. The source adds that the property is currently 95% occupied.
The seller was Houston-based Sherman Clay Group, and according to the unidentified source, the buyer was Retail Opportunity Investments Corp., a firm that is focused on acquiring, owning leasing, repositioning and managing a diverse portfolio of necessity-based retail properties, including, primarily, well located community and neighborhood shopping centers, anchored by national or regional supermarkets and drugstores.
According to the company website, ROIC targets properties strategically situated in densely populated, middle and upper income markets in western and eastern regions of the US. The Company presently owns and operates thirty-eight shopping centers encompassing approximately 4 million square feet.
GlobeSt.com could not get confirmation from parties involved on further details by deadline. We also hear that Marcus & Millichap was a broker on the deal for both the buyer and seller, with the firm’s Kyle Matthews, a VP of investments representing the buyer, but M&M could not confirm by deadline or provide further details.
GlobeSt.com will update the story if we learn more.
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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.
