HFF announces the sale of a 165,528-square-foot grocery-anchored shopping center in Burbank, California
NEWPORT BEACH, CA – October 25, 2017 – Holliday Fenoglio Fowler, L.P. (HFF) announces the sale of Plaza Del Sol, a 165,528-square-foot, fully leased, grocery-anchored community shopping center adjacent to the Hollywood Burbank Airport in the Southern California community of Burbank.
The HFF team marketed the property on behalf of the seller, Tourmaline Capital. An undisclosed investor purchased the asset free and clear of existing debt.
Plaza Del Sol was completed in 1984 and served as a Costco store until a retrofit in 2005 and 2006 transformed the project into a mixed-use center with grocery-anchor street facing retail in the front and “last mile” industrial space in the back. The project also includes space for a future pad development. In addition to a high-performing ethnic grocery store, the center is home to 23 tenants with food, fitness and last mile distribution uses. Situated on 11.4 acres at 10950 Sherman Way in the northwestern part of Burbank, Plaza Del Sol is in an infill location adjacent to the Hollywood Burbank Airport (also known as the Bob Hope Airport), which is undergoing a $400 million renovation to be completed in 2022. More than 251,896 residents earning an average annual household income of $72,759 live within three miles of the center.
The HFF retail investment advisory team representing the seller included Gleb Lvovich and Bryan Ley.
“The sale of Plaza Del Sol reflects the incredible demand for ethnic retail along the West Coast,” Lvovich said. “The sale also demonstrates HFF’s market-leading pricing for ethnic retail centers, which is complemented by the recent $43 million sale of Hawthorne Plaza also facilitated by HFF.”
“With being in a deep infill market and its proximity to residential and the workforce, Plaza Del Sol is a great example of growing investor demand for successful mixed-use retail centers,” Ley added. “The blend of retail and the industrial components, shows that the two uses are great partners in a successful project.”
Holliday Fenoglio Fowler, L.P., acting by and through Holliday GP Corp., a real estate broker licensed with the California Department of Real Estate, License Number 01385740.
About Tourmaline Capital
Tourmaline Capital is a private real estate investment firm focused on the acquisition and operation of retail properties in the western regions of the United States.
HFF and its affiliates operate out of 24 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.