Edens Achieves 100% Occupancy at Foothills Plaza in La Verne with $136.8M Investment

Edens Achieves Full Occupancy for Grocery-Anchored Retail Plaza in Southern California

The Southern California retail real estate market is once again proving its resilience against the predicted downturn. This time, the spotlight is on a grocery-anchored shopping complex in La Verne, which has recently achieved full occupancy. Investment management firm Edens has successfully filled all storefronts at Foothills Plaza, a 64,522-square-foot property located at 1335-1397 Foothill Boulevard.

Leasing Success Amidst Pandemic Challenges

The property, anchored by Sprouts Farmers Market, has secured leases from a variety of tenants. These include Daiso, Water Wings, Hotworx Yoga, and Prizm Dental. Axiom Retail Advisors, an Irvine-based consulting firm, facilitated these leases for Edens. However, the terms of these leases remain undisclosed.

Stephanie Skrbin, a broker at Axiom, acknowledged the challenges faced due to the pandemic. She stated, "When we were brought on to lease the asset, it was clear that the property had suffered the effects of COVID with a considerable amount of vacancy." Despite this, the team recognized the potential offered by the stable and well-positioned community of La Verne.

Representatives and Previous Ownership

Various representatives played a role in securing the new tenants. JLL represented Daiso, ADP represented Water Wings, Morrow Hill represented Hotworx Yoga, and Carr represented Prizm Dental.

Edens acquired Foothills Plaza in December of the previous year from Combined Properties. The purchase, which included two other grocery-anchored retail complexes, cost Edens $136.8 million. The portfolio spans over 400,000 square feet in Los Angeles County. La Verne is a small community located 30 miles east of Downtown Los Angeles.

Other Grocery-Anchored Plazas in the Region

Similar properties in the region are also experiencing increased interest. Earlier this year, Sakioka Farms purchased New Haven Marketplace for $53.4 million from Frontier Real Estate Investments.

In another development, Hackman Capital Partners announced in March that it had fully leased Culver Steps. This new $150 million mixed-use development in Downtown Culver City is anchored by upscale supermarket chain Erewhon and houses ten other retail tenants.

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