California + Los Angeles + Retail | March 9, 2023

Newmark Arranges $36.5M Sale of Duarte Shopping Center

The Gerrity Group has completed the disposition of Buena Vista Marketplace, a 92,000-square-foot, grocery-anchored shopping center in Duarte, CA. An undisclosed buyer purchased the property for $36.5 million or $398 per square foot. Newmark’s Rob Ippolito, Glenn Rudy and Pete Bethea represented the seller in the transaction.

“The sale of Buena Vista is another example of the strong demand for well-located shopping center assets with a rich history of performance,” said Bethea. “Even in a challenging debt environment, execution is possible,” added Ippolito.

Built in 1990, Buena Vista Marketplace is anchored by Smart & Final Extra, and features strong tenancy from Dollar Tree, Wells Fargo, AT&T, The UPS Store, Subway and Jamba Juice. The center is located within a three-mile radius of 93,000 customers with average household incomes above $124,000. Newmark research also indicates that retail was the only sector to see an annual increase in U.S. investment sales in 2022.

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Inside The Story

The Gerrity GroupNewmark's Pete Bethea

About Mark Nieto

Mark comes to ConnectCRE with an extensive background as a business and news reporter in San Francisco radio, as well as 35 years as a traffic reporter on several stations including KGO, KNBR, KCBS and KFRC. As a business reporter, Mark covered the tech world in Silicon Valley where he became familiar with real estate transactions in the hot Bay Area marketplace. He attended San Jose State University with a BA in Radio and TV Broadcasting and currently resides in the Lake Tahoe area where he gets to frequently enjoy all of his favorite activities: Golfing, Fishing, Hiking and Skiing.

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