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

Comments

Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
Success!
Thank you for subscribing to Morning Headlines.
Back to top
Time is running out to secure your Connect Now tickets at the lowest price. Don't miss out on a chance to grow yourself and your business.Learn More×
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription