NORTHBROOK, Ill. (January 6, 2022) – Northbrook-based Pine Tree, in partnership with a U.S. state pension fund, acquired Glendale Marketplace, a 154,049-square-foot urban retail center located in the heart of downtown Glendale, CA – Los Angeles county’s third-largest city. Situated at the intersection of South Brand Boulevard and East Harvard Street, Glendale Marketplace offers an internet-resistant mix of uses including fitness, home furnishings, restaurants, and discount stores.
The Pine Tree partnership acquired the property for $64 million, bringing the company’s shopping center portfolio footprint in the Los Angeles area alone to 1.1 million square feet.
Glendale Marketplace is located in an urban, dense infill area of Glendale, home to the headquarters of iconic companies like Walt Disney Studios and Warner Bros, among others. With a tenant mix comprised of leading national credit tenants, including Ross Dress for Less, LA Fitness, HomeGoods, Five Below, Buffalo Wild Wings, and Old Navy, Glendale Marketplace also features a large pedestrian alleyway lined with retail spaces and primed for repositioning. Glendale Marketplace is also adjacent to Americana at Brand (5.5M annual visits) and Glendale Galleria (8.7M annual visits).
“We are very excited about this acquisition as we believe that Glendale Marketplace is a model for success in today’s rapidly evolving retail environment,” said Conor Bossy, EVP, Director of Acquisitions at Pine Tree. “We were attracted to the property because of its unique and urban location, significant barriers to entry, high pedestrian traffic counts, and its proximity to nearby destination retail like Americana at Brand and Glendale Galleria.”
Glendale Marketplace was brokered by JLL Capital Markets and represents Pine Tree’s latest acquisition in its growing Los Angeles presence.