Glendale Marketplace, a 154,049-square-foot urban retail center, has sold for $64.1 million.
The retail center is situated on 2.2 acres at 106-146 S. Brand Blvd. in an urban, infill area of Glendale. Constructed in 1998, the property offers a large pedestrian alleyway lined with retail shops and has ample parking augmented by an adjacent public parking garage owned by the city.
Glendale Marketplace, which is 94.8 percent leased, has among its tenants Ross Dress for Less, LA Fitness, HomeGoods, Five Below, Buffalo Wild Wings and Old Navy.
The shopping mall is located in a rapidly expanding trade area that has added more than 2,100 multi-housing units within walking distance in the past five years.
JLL represented the seller, EB Arrow. The JLL Retail Capital Markets team was led by Managing Directors Gleb Lvovich, Bryan Ley and Geoff Tranchina and Senior Director Daniel Tyner. Chicago-based retail-centric real estate firm Pine Tree acquired the asset.
“We are extremely excited and bullish on big-box retail, especially in urban areas,” Lvovich said. “With retailers efficiently utilizing their stores to facilitate in-person shopping, returns and last-mile fulfilment, bricks and mortar have never been more relevant.”
Glendale has seen particular success with retail centers. Driving Glendale’s retail synergy are Caruso’s The Americana at Brand and Brookfield Properties’ Glendale Galleria mall.