A ground-floor retail component deemed essential needs proved to be an important component in the recent sale of The Harrison, a 164-unit multifamily community in Glendale. The asset recently sold to Los Angeles-based real estate firm JRK Property Holdings for $90.7 million.

Located at 318 W. Wilson Ave., The Harrison was originally built in 2018. The property features a 15,100-square-foot ground floor space that is occupied by a CVS Pharmacy. The residential space totals 128,790 square feet with a unit mix that includes studios, one-bed/one-bath and two-bed/two-bath units ranging from 600 to 1,250 square feet.

CBRE’s Dean Zander, Stew Weston and Chris Tresp represented the regional developer/seller in the transaction.

“The Harrison is a core luxury apartment community in an excellent location, just blocks from The Americana and Glendale Galleria,” said Zander. “Another plus is the ground-floor CVS, which is an essential needs store that remained open and operating at full capacity throughout the pandemic. The buyer was in a 1031 exchange and appreciated the strength of the location, the quality of the real estate and the durability of the income.”