Slice of SoCal mall purchased

Seller makes 'strong return on investment'

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A Los Angeles-based investor has paid $44 million for a major portion of Plaza at Puente Hills. JSL Plaza at Puente Hills acquired the 177,933-square-foot section, which is located at 17877-18271 Gale Ave. in the City of Industry, Calif. This part of the 477,000-square-foot mall is situated on more than 13.6 acres, and includes national credit tenants such as Office Depot, Smart & Final, Sam Ash and Shoe City. Locally based SCI Real Estate Investments LLC sold the property at 94 percent occupancy. It had purchased the three-parcel property in late 2005 as part of a master-planned, eight-parcel break-up strategy. According to a press statement, "SCI made a strong return on its investment over a short period of time," and the asset was sold at "below replacement cost." ...