La Cañada Town Center sale finalized

Los Angeles-based IDS Real Estate Group has purchased La Cañada Flintridge Town Center for a price in excess of $40 million, the company announced Thursday.

A deal for the 7.6-acre retail complex at Foothill Boulevard and Angeles Crest Highway, the city’s largest commercial development, had been in the works for months.

Anticipation of a sale has generated a positive buzz among local business leaders that IDS would invest in Town Center to expand its amenities.

“We see an opportunity to add value to key elements of the center,” said IDS Senior Vice President Rob Fuelling in a written statement by the company.

Plans include improvements to landscaping, lighting and common areas “that will create a richer, more attractive shopping environment,” and use of the property and its adjacent city park for community events that will generate increased foot traffic, Fuelling said.

IDS is among the biggest owner-operators of commercial properties in the western United States, with more than 20 million square feet of properties and another 4 million square feet currently in development.

Town Center was built in 2008 by the Olberz family, owners of Sport Chalet, and houses the chain’s flagship 45,000-square-foot retail store as its anchor tenant. La Cañada Properties Inc., controlled by the Olberz family, retains ownership of Sport Chalet’s corporate headquarters, located behind the store.

The development also houses a HomeGoods, Panera Bread, Chipotle Mexican Grill, AT&T store and Taylor’s Steakhouse, among other businesses. An Anytime Fitness franchise is set to open soon, which according to IDS brings the center’s occupancy rate to 88%.

La Cañada Flintridge Chamber of Commerce President Pat Anderson, who had previously spoken with IDS about their desire to purchase Town Center, said she was optimistic about its new owners.

“This is the right company at the right time. I think everyone’s ready to see a facelift at Town Center,” said Anderson. “We are hoping it will become much more pedestrian friendly — a destination for people to eat and shop.”

[Editor’s note: This story has been updated from an earlier version to show that Sport Chalet’s corporate headquarters is owned by La Cañada Properties Inc., not Sport Chalet.]