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Sign in Sign up for a FREE subscriptionAzusa Pacific University sells retail shopping center in L.A. County
Azusa Pacific University has sold University Promenade, a 74,828-square-foot retail shopping center in Azusa, Calif.
The high-profile center is situated across from the Azusa Pacific University and Citrus College campuses and sold for approximately $18.6 million. The property was acquired by Solana Beach, Calif.–based Gerrity Group, which owns and operates retail properties in the western United States.
The university will maintain its current occupancy within a portion of the center, now as a tenant.
“This was an exceptional value-add opportunity to acquire an irreplaceable asset with a dominant location adjacent to two Universities and a well-established residential community in the San Gabriel Valley,” said Dixie Walker, managing director at Cushman & Wakefield Retail, which brokered the sale. “Uni