(EDITOR’S NOTE: According to a source familiar with the transaction, the property was sold for $76 million, or approximately $163 per square foot.)
Los Angeles, CA – Eastern Real Estate and Atlas Capital Group today announced the acquisition of Eagle Rock Plaza in Los Angeles, California. The 466,000 square foot regional shopping center, anchored by Target, Macy’s, Seafood City, and Fitness 19, sits on 22-acres at the juncture of the Glendale and Ventura freeways in the Eagle Rock neighborhood.
“Eagle Rock Plaza sits in a prime location within the Los Angeles market, with high visibility, excellent access and strong local demographics. There is tremendous opportunity to reposition this property in line with today’s evolving retail landscape. Eagle Rock Plaza will remain a hub that serves the needs of the community for years to come,” said the firms’ representatives.
In recent years, Eagle Rock has experienced a renaissance of new businesses and an influx of families and professionals making it one of LA’s hottest neighborhoods. Eagle Rock is conveniently located close to major employment hubs such as Downtown Los Angeles, Glendale, Pasadena, Studio City, and Burbank.
Newmark Capital Market’s team led by Bill Bauman and Kyle Miller represented the seller in the transaction.
ABOUT EASTERN REAL ESTATE
Eastern Real Estate is a privately held commercial real estate company with expertise in capital investment, development, and asset management. Eastern specializes in adding value to complex opportunities and has a proven track record of success across multiple asset classes, with a primary focus on retail properties.With more than 25 years of experience, Eastern has successfully completed over 100 investments in excess of $4 billion in value.
ABOUT ATLAS CAPITAL GROUP
Atlas Capital Group is a full-service real estate investment, development, and management firm. Atlas has invested in more than 58 office, retail, residential, hotel, industrial, and mixed-use ventures in major gateway cities, focusing on Los Angeles and New York, comprising over 11 million square feet and $5.5 billion of total capitalization. Atlas also owns ROW DTLA, a 32-acre stretch of historic industrial structures in the Arts District which has been converted into nearly 2 million SF of creative workspaces, independent retail shops, and restaurants and is home to the 100+ year old 7th Street Produce Market.