March 18, 2020
Cushman & Wakefield has completed the $18.6 million sale of University Promenade, a 74,828-square-foot retail shopping center in Azusa (Los Angeles County), CA, to Solano Beach, CA-based Gerrity Group.
Developed in the mid-1980s, University Promenade is located at 900-962 E. Alosta Ave., and sits on a single 5.6-acre parcel.
Azusa Pacific University was the seller, and was represented by CushWake’s retail specialists Dixie Walker, Michael Romero and Brandon Emrick. The University will maintain its current occupancy at the center, now as a tenant.
According to CushWake’s Walker, “University Promenade is a dominant neighborhood strip center that was 86% leased at the time of sale, setting the stage for a value-added repositioning based on primary anchors, which include two popular international restaurant chain brands, together with other strong regional tenants with long term occupancies. Gerrity saw the opportunity for its new value-added retail fund and aggressively pursued the deal.”
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