Wal-Mart-Anchored Centers Sold
Two Wal-Mart–anchored shopping centers in the Los Angeles area have changed hands, said representatives of real estate company Reza Investment Group, Inc.
Capri Capital Advisors, a Chicago-area pension fund group, paid $140 million for the Baldwin Hills Crenshaw Plaza shopping center at Crenshaw and Martin Luther King boulevards in Los Angeles from Hager Pacific Properties.
A private investor paid $55.5 million for the Shoppes at South Bay, a Wal-Mart–anchored center at Normandie Avenue and 190th Street in Torrance, Calif., from Cypress Equities, the acquisition and development affiliate of Staubach Retail.
“Both assets included Wal-Mart in the sale, which is very rare. We received tremendous response from both private and institutional groups on both assets,” said Reza Etedali, chief executive officer and founder of Reza.
Reza President Terry Bortnick added that the “Wal-Mart effect” on neighboring businesses has been positive and that was what attracted investors.
“This was clearly the case in Baldwin Hills Crenshaw Plaza, where tenants’ sales more than doubled after Wal-Mart opened two years ago,” he said. —Robert McAllister
