Newmark Arranges $36.5M Sale of Duarte Shopping Center
The Gerrity Group has completed the disposition of Buena Vista Marketplace, a 92,000-square-foot, grocery-anchored shopping center in Duarte, CA. An undisclosed buyer purchased the property for $36.5 million or $398 per square foot. Newmark’s Rob Ippolito, Glenn Rudy and Pete Bethea represented the seller in the transaction. “The sale of Buena Vista is another example ... The post Newmark Arranges $36.5M Sale of Duarte Shopping Center appeared first on Connect CRE.
The Gerrity Group has completed the disposition of Buena Vista Marketplace, a 92,000-square-foot, grocery-anchored shopping center in Duarte, CA. An undisclosed buyer purchased the property for $36.5 million or $398 per square foot. Newmark’s Rob Ippolito, Glenn Rudy and Pete Bethea represented the seller in the transaction.
“The sale of Buena Vista is another example of the strong demand for well-located shopping center assets with a rich history of performance,” said Bethea. “Even in a challenging debt environment, execution is possible,” added Ippolito.
Built in 1990, Buena Vista Marketplace is anchored by Smart & Final Extra, and features strong tenancy from Dollar Tree, Wells Fargo, AT&T, The UPS Store, Subway and Jamba Juice. The center is located within a three-mile radius of 93,000 customers with average household incomes above $124,000. Newmark research also indicates that retail was the only sector to see an annual increase in U.S. investment sales in 2022.
The post Newmark Arranges $36.5M Sale of Duarte Shopping Center appeared first on Connect CRE.
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