Glendale Marketplace Sells for $43m
Investor Max Webb of Beverly Hills, Calif., has bought the Glendale Marketplace for $43 million. The 160,000-square-foot shopping center, located at Brand Boulevard and Broadway in Glendale, Calif., features retail stores, restaurants and a movie complex.
Webb is a founding partner in Shapell Industries Inc., a Beverly Hills–based home builder.
Beverly Hills–based Regent Properties Inc. and Pasadena, Calif.–based Tolkin Group Investments completed the marketplace, which includes tenants such as Old Navy and Tower Records, five years ago for a cost of $31 million.
“We typically keep things for only a shortterm horizon,” said Doug Brown, managing partner in Regent Properties. Brown said he considered the project a big success that helped revive the area in the late ’90s, when retail vacancy rates in downtown Glendale hovered at 50 percent.
“It rejuvenated the downtown central core of Glendale,” he said.
The Glendale Marketplace is markedly different from its neighbor, the Glendale Galleria, Brown said. “The Galleria is a regional mall, and this is more of a community-based shopping center.” —C.M.C.
