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Southern California Mall Sells for Upwards of $40M

A 160,000 sq. ft. Los Angeles-area mall has traded for more than $43 million. The two-story Glendale Marketplace was bought by Southern California investor WH Glendale Marketplace LLC.

Regent Properties and the Tolkin Group — who collaborated on developing the mall — recently sold it to WH Glendale for a price in excess of $43 million. The urban entertainment center is located only eight miles north of downtown Los Angeles in a formerly blighted area of Glendale, home to 250,000 people.

The two-block footprint that the mall occupies was vacant for years prior to the mall’s completion in 1998. Now, the mall generates more than $450 per sq. ft. in sales, making it one of Southern California’s most successful retail developments. The mall also has been nearly 100% leased since it opened its door five years ago.

Reza Etedali and Cheryl Pestor of Sperry Van Ness represented the seller in the transaction.

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