Puente Hills Mall on the Block
The Puente Hills Mall in the city of Industry, Calif., is for sale again. After being sold less than two years ago for $148 million to current owner Irvine, Calif.–based Passco Investments, owners are looking to make a quick turn.
With the real estate market still hot for institutional investors, Passco decided to put the 1.2-million-square-foot shopping center on the market, said broker Faris Lee Investments of Irvine. Passco specializes in TIC (tenants-in-common) transactions, allowing its investors to avoid capital gains consequences through accompanying 1031 exchange purchases.
The company enlisted Faris Lee to market the property. Faris Lee brokers did not disclose the asking price.
Robinsons-May, Sears and an AMC 20- screen movie theater complex anchor the center, located off Azusa Avenue. The center is more than 90 percent occupied and contains chain stores including Pacific Sunwear, d.e.m.o., Hot Topic, Charlotte Russe, Express, Gap and Old Navy.
Retail real estate has been grabbing top prices lately because the sector has been outperforming other areas of investing.
—Robert McAllister
