La Verne and Montebello, Calif. — Newmark has brokered the sale of a portfolio featuring three grocery-anchored retail centers totaling 400,000 square feet, all located near Los Angeles. Pete Bethea, Glenn Rudy, Rob Ippolito, Bill Bauman and Kyle Miller of Newmark represented the seller, Combined Properties Inc., in the $137 million transaction. Institutional investor EDENS acquired the properties.
The first property, The Commons at La Verne, spans 120,720 square feet in La Verne, California. The center is anchored by Vons and Ross Dress for Less. The second property, Foothill Plaza, is also located in La Verne, and totals 65,000 square feet. Sprouts Farmers Market and Bank of America are tenants at the center. The third property, Montebello Mix, is anchored by Vons and occupies 216,385 square feet in Montebello, California. Other tenants at the center, which was 94 percent occupied at the time of sale, include Rite Aid, Ross Dress for Less and Marshalls.