Whole Foods Market Building Sold in Pasadena, Latest in String of Retail Sales
CPN
The Whole Foods Market, opened in November, has had its location in Bellevue Center sold for $54 million to a private Southern California trust, according to the retail company. The new two-story, 77,000-square-foot store is in historic Old Town Pasadena.
REZA Investment Group represented Ekstrand Enterprises in the sale. A private Southern California Trust, represented by Charles Dunn Co. acquired the property for $54 million in a 1031 exchange.
"This new store will be the next evolution of Whole Foods Market, designed to exceed its customers' expectations with an increased selection of the highest quality natural and organic products as well as showcasing exciting features like sit down dining venues. The larger format Whole Foods Market stores that have been opened recently in the Southern Pacific region in El Segundo and Tustin have been met with such a positive response in the communities they serve, that we couldn't wait to open Pasadena," said Marci Frumkin, Whole Foods regional marketing director for REZA Investment Group, this is the latest in a string of sales across the Southwest in Arizona and California.
"Over the past 45 days, our closed transactions have totaled approximately $150 million indicating the significant amount of equity in the market despite the volatile conditions of today's capital market environment," said Reza Etedali, REZA founder & CEO.
"This is a brand new Whole Foods store. It is the largest built on the West Coast and it is in one of the premium locations in Southern California, where there is a strong urban element," Etedali told CPN today. "This development shows that there is still a demand for high quality assets."
On Dec. 11, REZA announced the sale of Santa Fe Square in Mesa, Arizona. The asset is a 372,000-square-foot value-add Target anchored power center located within the densely populated trade area at the northeast corner of Southern Avenue and Gilbert Road. Paragon Santa Fe L.L.C. acquired the property from Cole Santa Fe Holdings L.L.C. for $28.5 million. Anchor and subanchor tenants for the center include Target, Jo-Ann Fabrics, The Oak Store, Firestone, H&R Block, Village Inn, Weight Watchers and more.
On Dec. 6, Manteca Marketplace, a 172,000-square-foot grocery-anchored community shopping center located at 1233 West Yosemite Ave, was acquired by a private investor for $29.1 million.