Glendale Marketplace will be just the sixth property in Pine Tree's 100-plus shopping center portfolio.
The company that claims to be the only private commercial real estate company in the country that owns and operates retail properties across the sector risk spectrum has added Glendale Marketplace in Glendale, Calif., to its growing portfolio.
Pine Tree, a Chicago-based company with $3 billion of retail assets, purchased the 154,049-sq.-ft. property for $64 million from EB Arrow. It will be just the sixth California property in Pine Tree’s portfolio of more than 100 centers. JLL Capital Markets brokered the deal.
Glendale Marketplace is situated in an urban infill area of Glendale, the third-largest city in Los Angeles County with a population of more than 595,000. The center is in a rapidly expanding trade area that has added more than 2,100 multi-housing units within walking distance in the past five years.
Some 238,000 residents with average household incomes of $96,384 live within a three-mile radius of Glendale Marketplace. It is 95% leased with tenants including Ross Dress for Less, LA Fitness, HomeGoods, Five Below, Buffalo Wild Wings, and Old Navy.
JLL Retail Capital Markets managing director Gleb Lvovich said the acquisition proves that big-box retail is not on the decline.
“We are extremely excited and bullish on big-box retail, especially in urban areas,” Lvovich said.