NEWPORT BEACH, Calif., Jan. 27, 2022 – JLL Capital Markets announced today that it has closed the $16.9 million sale of El Monte Plaza, a 60,279-square-foot retail center anchored by Northgate Market in the Los Angeles County community of El Monte, California.
JLL marketed the property on behalf of the seller, Griffin Living. Balboa Retail Partners acquired the asset.
El Monte Plaza’s grocery anchor, Northgate Market, is an ethnic supermarket chain known for its Hispanic focus and authentic ingredients imported from Mexico. The center’s diverse tenancy is rounded out by Carl’s Jr., Taco Bell, Monte Dollar and other “mom and pop” tenants. Performance and traffic at the center through COVID have been strong, driving investor demand for suburban grocery-anchored centers.
Positioned at 3828 Peck Rd., El Monte Plaza is proximate to the San Bernardino Freeway (Interstate 10) west of Los Angeles. This dense suburban pocket includes 115,000 residents comprising a majority Hispanic population. Additionally, the center is within El Monte’s prime retail corridor.
The JLL Retail Capital Markets team representing the seller was led by Managing Directors Gleb Lvovich and Senior Director Daniel Tyner.
“Investor demand for ethnic grocery-anchored retail is at an all-time high,” Tyner said. “The center’s strong performance and infill location will allow for continued growth at the property for many years to come.”
“Our team is extremely bullish on the fundamentals within the ethnic retail space,” Lvovich added. “We’ve watched the rent rolls remain strong during COVID, and investors have noticed. El Monte Plaza is a great example of an ideal investment for capital looking to invest in the space.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
