Shopping center sells for $16M

The Trader Joe’s shopping center at 475 Foothill Blvd. recently sold for $16 million, according to the real estate firm that helped broker the deal.

A group of private commercial real estate investors bought the property, said William Asher of Hanley Investment Group Real Estate Advisors. The property was never on the market, and the new owners assumed an existing loan.

“It was a rare sale of a pride-of-ownership neighborhood shopping center in the Greater San Gabriel Valley area and overall in today’s market,” Asher said.

The 42,093-square-foot development, built in 1995 on a 2.75-acre lot, houses Trader Joe’s, Union Bank, Petco, Aaron Brothers, Starbucks and Han’s Beauty.

The seller was Dollinger Properties, based in Redwood City, Calif. The property was once owned by La Cañada’s Dewey family.