Merlone Geier is selling off additional retail space in the Greater Los Angeles area. In just over a month, the retail investment company has sold its second property in Palmdale. In its most recent disposition, the company sold a 250,000 square foot shopping center for $56.75 million, or about $227 per square foot.
According to records filed with Los Angeles County, the asset was sold to a joint venture affiliated with 2300 Hawthorne Boulevard LLC, an entity linked to Allen Q Paine in Memphis, Tennessee; and Hastings Ranch Shopping Center LP, which shares an address with Redondo Beach-based Riviera Center Properties.
The property, which is also referred to as the 47th Street Pavilion, is located at 38003 47th Street on more than 32 acres. The shopping center was built in 2008 and is currently occupied by a number of retailers, including Target, Bath & Body Works, PetSmart, The Home Depot and Starbucks, among many others.
Located north of Los Angeles, the property is just off State 14 and near various shopping and dining options. The property is also just a short drive to an additional retail asset sold by Merlone Geier earlier this May. Located at 39340 10th Street W., the Palmdale Marketplace is home to retailers like BestBuy, Home Goods, Barnes & Noble and several others.
Public records filed with Los Angeles County, showed the 214,0171 square foot property was sold to Dallas-based Tabani Group for $57.3 million, or about $276 per square foot.
Merlone Geier was founded in 1993 and invests in retail properties across the West Coast. Currently, the company’s portfolio consists of 28.5 million square feet across 173 properties.
