Monrovia Landing Sold for $30.5 Million

Monrovia Landing - the shopping center with Aldi and TJ Maxx/Home Goods - has been sold for $30.5 million, according to commercial real estate services and investment firm, CBRE.

CBRE Vice Chairman Philip D. Voorhees announced today that the National Retail Partners-West (NRP-West), along with Alex Kozakov and Patrick Wade from CBRE Los Angeles, completed the sale of Monrovia Landing in Monrovia, Calif., a grocery-anchored asset, 100%-leased to high-performing, national credit tenants Aldi, TJ Maxx/Home Goods, ULTA Beauty and O'Reilly among others.

CBRE retail experts Patrick Wade, Alex Kozakov, Sean Heitzler, Jimmy Slusher and Philip Voorhees represented the seller, a partnership between Telos Capital, a Pasadena-based private real estate investment firm, and Warner Pacific Properties, a real estate development firm. The buyer [unnamed in press release. Brad], based out of Los Angeles and represented by Marcus & Millichap (Sheila Alimadadian), purchased the asset as a 1031 exchange from a prior sale.

Source: Press release

- Brad Haugaard