Monday, February 16, 2015

Marcus & Millichap Capital Corp. (MMCC) provided acquisition financing in Sale of Super King Markets-Anchored Shopping Center in Altadena, CA


Altadena Crossing Shopping Center, 2230-2268 Lincoln Avenue, Altadena, CA

Jessica Kelley
ALTADENA, CA – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Altadena Crossing, a 43,108-square-foot shopping center in Altadena, Calif. 

The terms of the sale were not released.

            Martin Agnew, vice president investments, and Jessica Kelley, senior associate, both in Marcus & Millichap’s Encino office, represented the buyer, a private family trust. Sharone Sabar, first vice president capital markets in MMCC’s Encino office arranged financing for the transaction.

            “Altadena Crossing is anchored by Super King Markets, the area’s top-performing grocer,” says Agnew. “With virtually no available land for new development, the center is insulated against future competition.”

“The trade area is served by a limited number of shopping alternatives,” adds Kelley. “Altadena Crossing benefits from more than 130,000 nearby residents, plus a daytime workforce population of approximately 55,000 people.”

Martin Agnew
Built in 2006 on 1.28 acres, Altadena Crossing is located at the intersection of Lincoln Avenue and Crosby Street at 2230-2268 Lincoln Ave. in Altadena. 

The location offers immediate access to Highway 210, and is close to Interstate 110, Interstate 5 and Highway 2. 

Altadena is north of Pasadena and approximately 14 miles from downtown Los Angeles.

Altadena Crossing’s major tenants are Verizon Wireless, Panda Express, Bank of America, 24 Hour Fitness and Subway. Bank of America, 24 Hour Fitness and Subway were not a part of the offering. 

At the time of the sale, the property was 100 percent occupied.

               

 
For a complete copy of the company’s news release, please contact:

Gina Relva
Public Relations Manager
(925) 953-1716

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