May 01, 2007
By Barbra Murray, Contributing Editor

Two sales transactions valued at an aggregate $94.1 million have brought three fully leased retail assets in the Los Angeles area under new ownership. BlackRock Realty sold the properties, accounting for a total of approximately 277,000 square feet, to two separate private investors.

The 164,700-square-foot Plaza de Hacienda in La Puente commanded $33.8 million from a Los Angeles-based buyer. Built in 1992, the shopping center underwent an expansion process 1995 and again in 2001. Gateway at Burbank in Burbank and Creekside Place (pictured) in Santa Clarita sold in off-market deals to a Bellevue, Wash.-headquartered buyer that had a previous relationship with BlackRock. The eight-year-old, 74,400-square-foot Gateway property carried a price tag of $37.6 million, while Creekside, a 47,700 square-foot center built in 1995, sold for $22.8 million. For its part BlackRock opted to sell the assets, which it had acquired in 2006 as part of a 16-property portfolio purchase from Barclays Realty & Management Co., because they did not meet the company’s investment criteria.

Real estate services firm Grubb & Ellis Co. marketed the properties on behalf of BlackRock and represented the seller and buyers in the transactions. Grubb & Ellis’ Peter Spragg, Dixie Walker and Charles Simpson handled the negotiations.

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