Thursday, March 13, 2014

Los Angeles

Hong Kong Investor Purchase South Hills Plaza

Our friends did an astute purchase in the hot Los Angeles market recently.    

They beat 23 other purchasers to secure the purchase of the 120,589 sq ft South Hills Plaza in West Covina was acquired for a 6.8% cap rate.  

Marukai Market, a Japanese food specialty store and 24 Hour Fitness anchor the centre.   The parent co. of Marukai, runs more than 160 locations in Japan and Hawaii so is a secure tenant.    The community centre has a well established trading population since it was built in 1982.    Well done!

Shanghai Greenland pays a billion for Metropolis site

The project spans a full city block on Francisco Street, bordered by Eighth and Ninth streets. Phase 1 will include 308 luxury condo units and 7,326 sq ft of ground-floor retail.   In sum, Metropolis will boast some 1,500 units.

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