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.”

Show Comments Hide Comments


Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
Thank you for subscribing to Morning Headlines.
Back to top
We're here to help. Free 90-day trial for new subscribers.Click Here ×