In one of the largest retail property sales in the San Gabriel Valley this year, Burnham Pacific Properties Inc. of San Diego has paid $58 million for a large chunk of The Plaza at Puente Hills in Industry.
Burnham bought a 516,538-square-foot portion of the center from Dicker Warmington Properties, which developed the mall in three phases between 1986 and mid-1992. The 778,822-square-foot mall is on a 61.62-acre site fronting the north side of the Pomona (60) Freeway between Fullerton Road and Hatcher Avenue.
Major tenants in the portion of the center that was sold include IKEA, AMC 10-Plex Theatres, Millers Outpost and Silo. The transaction excludes Pace Warehouse, Home Depot and Toys R Us, which are owned by the retailers or private investors.
Commercial real estate sources involved in the transaction said the Plaza at Puente Hills has an occupancy rate of about 93.5%.