Neighborhood Shopping Center Sells for $16,000,000 in La Cañada, Calif.
August 3, 2010 by admin
Filed under california, Investors, Positive Real Estate, Real Estate Articles
The 42,093-square-foot shopping center, known as Foothill Promenade, sold for as much as 16 million dollars recently. Tenant’s include Trader Joe’s, Union Bank, Petco, Aaron Brothers, Starbucks and Han’s Beauty. The purchase is part of the buyers’ plan to acquire high quality shopping centers in Southern California. “This combined with an increased demand from investors has created a very competitive environment so far this year. In the past couple of months, the market has started to see an increase in neighborhood shopping centers sold and marketed for sale in southern California. Watch for this trend to continue and pick up momentum moving into the fourth quarter,” reported William B. Asher of Hanley Investment Group.
