Bell Gardens lease is latest buy for New York Group. (Real Estate).A POLLO Real Estate Advisors has joined with Dallas-based P'OB Montgomery & Co. in the $10.5 million purchase of the ground lease for the Bell Gardens Marketplace. The partnership acquired the remaining 68 years on the 80-year lease with the City of Bell Gardens from San Diego-based REIT REIT See: Real Estate Investment Trust REIT See real estate investment trust (REIT). Burnham Pacific Properties Inc. The 160,000-square-foot retail center is about 90 percent leased. Anchor tenants are Food4Less and Rite Aid Rite Aid (NYSE: RAD) is a United States retailer and pharmacy chain, operating over 5,000 stores in 31 states and the District of Columbia. Rite Aid Corporation is one of the nation's leading drugstore chains. . The center, located on Eastern Avenue just north of Florence Avenue and just east of the Long Beach (710) Freeway, was the last of 14 properties and long-term leases the joint venture bought from Burnham Pacific, whose shareholders voted to liquidate in December 2000. Total value of the transactions was $130 million. Burnham Pacific has just two remaining centers in the region, Ventura's Central Plaza and Inglewood's Crenshaw cren·shaw also cran·shaw n. A variety of winter melon (Cucumis melo var. inodorus) having a greenish-yellow rind and sweet, usually salmon-pink flesh. [Origin unknown.] Imperial Shopping Center shopping center, a concentration of retail, service, and entertainment enterprises designed to serve the surrounding region. The modern shopping center differs from its antecedents—bazaars and marketplaces—in that the shops are usually amalgamated into . A deal for the latter is pending, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. CB Richard Ellis CB Richard Ellis Group, Inc. NYSE: CBG is a multinational real estate corporation currently based in Los Angeles, California, U.S.A.. On December 20, 2006, the corporation, also known as CBRE, completed acquisition of Trammell Crow Co. in a transaction valued at $2. Managing Director Anthony Buono, who represented Burnham Pacific on the Apollo/P'OB deal. "We believe that location serves not only the immediate market but a much wider population due to its proximity to the freeway," said Richard Mack, partner at Apollo Real Estate Advisors. Rents at the 30-tenant center range from $1.50 to $2.40 per foot per month, he said. The $66 a foot paid was 25 to 40 percent less than the cost for a comparable center inclusive of inclusive of prep. Taking into consideration or account; including. the land, according to retail broker Chris Maling, senior director at Marcus & Millichap. New York-based Apollo's most prominent local venture is the 770,000-square-foot Sun-set Millennium project in West Hollywood. The company has taken over the operational duties of that development after the departure of Maefield Development last month. "P'OB is the managing partner," said Mack of the Bell Gardens venture. "We are generally set up as a financial partner. We generally don't take control." Staff reporter Danny King can be reached at (323) 549-5225 ext. 230, or adking@labusinessjournal.com. |
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