Monrovia, Calif. — San Gabriel Valley development was 96 percent leased at time of sale.
Monrovia, Calif. — Commercial real estate services firm Studley has sold Huntington Plaza, the 57,148-square-foot development in San Gabriel Valley’s Monrovia anchored by Sprouts Farmers Market and Walgreens. According to industry sources, the plaza was sold for around $26 million, with a cap rate of approximately five percent. Colliers International represented the seller.
The property, situated on approximately 4.5 acres of land, was built in 1968, but received a significant upgrade in 2010 when the anchors were secured and McDonald’s signed a long-term lease extension.
Though Studley received several offers, Corporate Managing Director Kyle Miller says, “The selected buyer, who had excellent local knowledge and strong advisors, was able to definitively demonstrate the ability to close the transaction within an expedited timeframe.”
— Scott Reid