The high profile center is situated across from the Azusa Pacific University and Citrus College campuses and sold for approximately $18.6 million. The property was acquired by Solana Beach-based Gerrity Group, which owns and operates retail properties in the Western U.S.
The seller was Azusa Pacific University, which was represented in the transaction by Cushman & Wakefield Retail investment specialists Dixie Walker, Michael Romero and Brandon Emrick of the firm’s Orange County office. The University will maintain their current occupancy within a portion of the center, now as a tenant.
“This was an exceptional value-add opportunity to acquire an irreplaceable asset with a dominant location adjacent to two Universities and a well-established residential community in the San Gabriel Valley,” said Dixie Walker, Managing Director. “University Promenade is a dominant neighborhood strip center that was 86% leased at the time of sale setting the stage for a value-added repositioning based on primary anchors, which include two popular international restaurant chain brands, together with other strong regional tenants with long term occupancies. Gerrity saw the opportunity for its new value-added retail fund and aggressively pursued the deal,” said Walker.
Developed in the mid-1980s, University Promenade is located at 900-962 E. Alosta Avenue and sits on a single 5.6-acre parcel. In addition to its position next to two major college campuses, the center is also ideally located at the hard corner of the heavily trafficked intersection of Alosta and Citrus avenues, providing exceptional accessibility and visibility.
Michael Romero added, “The East San Gabriel Valley retail submarket has performed very impressively with vacancy at sub 5%, while also having significant barriers to entry.”