Los Angeles, CA — Newmark announces it has completed the $36.5 million ($398 per square foot) sale of Buena Vista Marketplace, a 91,846-square-foot, grocery-anchored shopping center located in Duarte, California.
Newmark Senior Managing Directors Rob Ippolito and Glenn Rudy and Vice Chairman Pete Bethea represented the seller, Gerrity Group, a vertically integrated real estate investment and operating company based in San Diego.
“The sale of Buena Vista is another example of the strong demand for well-located shopping center assets with a rich history of performance,” said Bethea. “We are thankful to have advised on this transaction, but all the credit goes to the buyer and seller. It takes great commitment and cooperation on all sides to cross the finish line. Congratulations to the team at Gerrity and the buyer for a job well done.”
Originally built in 1990, Buena Vista Marketplace is anchored by a new and state-of-the-art Smart & Final Extra—a highly sought-after value supermarket operator—and features a variety of off-price retailers, services and restaurant options. The property bodes strong tenancy from Dollar Tree, Wells Fargo, AT&T, The UPS Store, Subway and Jamba Juice. The property additionally benefits from the high performing Planet Fitness located within Smart & Finals Extra’s footprint.
Located at the Northwest intersection of Huntington Drive and Buena Vista Street, Buena Vista Marketplace sit adjacent to the heavily trafficked I-210 and offers three primary points of entry.
The center is located within a three-mile radius of over 93,000 customers with average household incomes above $124,000.
“The sale of Buena Vista Marketplace demonstrates the strong appetite buyers have for grocery anchored retail in Southern California,” added Ippolito. “Even in a challenging debt environment, execution is possible.”
According to Newmark Research and MSCI, retail was the only sector to see an annual increase in U.S. investment sales in 2022. Investment sales across all property sectors declined 15% year-over-year at the end of 2022, while retail sales increased by 4% to $85.7 billion, the highest annual total since 2018.
About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. Newmark generated revenues of approximately $2.7 billion for the year ending December 31, 2022. Newmark’s company-owned offices, together with its business partners, operate from approximately 180 offices with nearly 6,700 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
