SAN GABRIEL, Calif. –– Cushman & Wakefield announced the firm has advised the sale of Las Tunas Plaza shopping center, a 17,473-square-foot neighborhood retail center in San Gabriel (Los Angeles) California. The property sold for $10 million or $572 per square foot with a 4.74% cap rate to a private 1031 Exchange buyer.
Joseph Lising, Mitchell Neff, and Maureen Gitto of Cushman & Wakefield’s Southern California Retail and Capital Markets teams represented the seller, which had owned the property the last forty years.
“A generational asset, this sale marked the first time since the 1980s that the center has sold, exemplifying the strength and quality of the commercial asset and the resilience and charm of the Historic San Gabriel Mission District,” said Joseph Lising, Managing Director. “Additionally, prior to this sale, there have only been two owners since the center was originally developed in 1981, further testimony of its remarkable location and longevity.”
“Given its history and profile, our team was able to secure multiple offers for the property, which we had listed on the market for just two months before closing. Escrow also closed in just five days,” added Mitchell Neff, Associate.
Well positioned at 805-841 W Las Tunas Dr on ±1.35 acres at the corner of Las Tunas Dr and Mission Blvd, the stabilized shopping center is 90% leased with multiple anchoring tenants including 7-Eleven (an original tenant of the center), Golden Deli, and Bopomofo Café. The property provides a gateway location at the base of the West San Gabriel neighborhood and is just north of the historic Mission District and just east of the vibrant Downtown Alhambra corridor.
