Pasadena-based Telos Capital Trades Out of Monrovia Shopping Center

Published : Wednesday, August 28, 2019 | 7:05 PM

A partnership between Pasadena-based Telos Capital and Warner Pacific Properties, a real estate development firm, has sold Monrovia Landing, a grocery-anchored asset in Monrovia, for $30.5 million.

Real estate news outlet Connect California reports the 100 percent-leased property, a retail center in the San Gabriel Valley, is home to high-performing, national credit tenants Aldi, TJ Maxx/Home Goods, ULTA, O’Reilly and Michaels among others.

CBRE’s Patrick Wade, Alex Kozakov, Sean Heitzler, Jimmy Slusher and Philip Voorhees represented the sellers. The buyer, based in Los Angeles, was represented by Marcus and Millichap’s Sheila Alimadadian. The buyer picked up the asset as a 1031 exchange from a prior sale, the Connect California report said.

Situated on more than six acres at 723-737 E. Huntington Drive, the center features 96,885 square feet of retail space. At the time of sale, the property was 100 percent leased to a variety of national-credit tenants, including ALDI Food Market, TJ Maxx/Home Goods, Ulta Beauty and O’Reilly Auto Parts.

Warner Pacific Properties acquired the 96,885-square-foot property in 2016 and began a re-tenanting and repositioning program for the center, situated on more than six acres.

According to the brokers, Monrovia Landing had seven offers during the sale process.

 

 

 

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