Buena Vista Market. Picture courtesy of Newmark
Gerrity Group has offered Buena Vista Market, a 91,846-square-foot retail heart in Duarte, Calif. Newmark brokered the $36.5 million transaction on behalf of the vendor.
Based on CommercialEdge data, the asset final traded in 2017 for $38.1 million.
Accomplished in 1990, Buena Vista Market is anchored by grocery store Sensible & Ultimate Additional. Different tenants on the property embrace Plant Health, Greenback Tree, Wells Fargo, AT&T, The usStore, Subway and Jamba Juice.
Based on a 2022 end-of-year JLL report, inside eight months, the capitalization charges for grocery-anchored retail facilities elevated from 5.9 to six.9 %. The identical supply reveals that in final yr, experiential tenants comparable to theaters, health facilities and leisure venues additionally skilled important visitors will increase.
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Adjoining to Interstate 210, the grocery-anchored procuring heart is located on the intersection of Huntington Drive and Buena Vista Road.
Buena Vista Market serves a inhabitants of 93,000 residents inside a 3-mile radius. The typical family earnings within the space is above $124,000.
Newmark Senior Managing Administrators Rob Ippolito and Glenn Rudy, together with Vice Chairman Pete Bethea, brokered the deal on behalf of the vendor. Final month, Gerrity Group partnered with the identical brokerage group for the acquisition of Victory Plaza, a 136,580-square-foot, grocery-anchored retail asset in North Hollywood, Calif.
Grocery anchors draw traders to retail properties
Newmark Analysis and MSCI reported that in 2022, funding gross sales within the U.S. decreased by 15 % year-over-year throughout all property sectors besides retail, which skilled a 4 % enhance in gross sales. This resulted within the retail sector being the one one to point out an increase in funding gross sales, with a complete of $85.7 billion, the best annual determine since 2018.
In a ready assertion, Ippolito remarked that the sale of Buena Vista Market highlights the demand for grocery-anchored retail properties in Southern California, including that, regardless of a tough debt atmosphere, it’s nonetheless possible to execute such transactions.
Within the earlier month, different offers involving grocery-anchored properties within the Los Angeles metropolitan space have closed. Griffin Dwelling offered Griffin Plaza, an 85,022-square-foot, grocery and pharmacy-anchored retail heart within the Los Angeles suburb of Simi Valley, Calif.
IRA Capital offered the Aldi-anchored Poinsettia Plaza, a 157,322-square-foot procuring heart in Ventura, Calif, whereas DPI Retail offered the El Dorado Buying Heart, a 74,500-square-foot retail heart in Lengthy Seaside, Calif., anchored by Greenback Tree and Grocery Outlet.
