A fully occupied, 24.3k sf, multi-tenant retail property in Baldwin Park has sold for $12.7 mil, or $523/sf. It was purchased by Baldwin Park Plaza 11 LP, out of Colorado, in a transaction that had a 5.9% cap rate.
Built in 1987, the property is situated on 1.12 acres at 14510 Baldwin Park Towne Center, at the intersection of W. Merced Ave. and N. Puente Ave. The property has a total of 13 tenants including Verizon, AT&T, Gamestop, and Fantastic Sams. It is part of Baldwin Park Towne Center, a larger regional retail development that is anchored by Home Depot along with other national tenants that include McDonald’s, Denny’s, Starbucks, and a 178-room Marriott Courtyard Hotel.
Rick Chichester, Matt Mousavi, and Tom Chichester of Faris Lee Investments represented the seller, Los Angeles-based Gershman Properties LLC. The buyer was repped by Newmark Grubb Knight Frank.
According to Faris Lee’s Mousavi, the property received a total of six offers and ultimately was sold to a family trust buyer who was in a 1031 exchange. Many of the offers were from Asian investors residing outside of the US, supporting the ongoing level of interest in well-located assets in core markets from foreign capital. The transaction price represented an approximate 25 percent increase in value over the seller’s purchase price less than three years ago.