Shopping center finds new owner

One of La Cañada Flintridge’s longest lasting commercial developments has changed hands. The shopping center on Foothill Boulevard at Ocean View Boulevard, dominated by a Big Lots! store, was sold by Paneno Brothers LLC on June 28th to GTR Realty LP of Houston.

Nancy Cao, co-owner of GTR Realty LP with her daughter, Cong Wang, said that her commercial property management company has been operating in Houston for 10 years, but that she was ready to get out of the humidity and heat. After coming through Los Angeles on her way to Hong Kong and China several times, Cao decided to move and purchased a house in La Cañada Flintridge in 2007.

“I find the Los Angeles weather is better, so I purchase the house first,” said Cao. “And this year I find [the] commercial center in La Cañada, so I think this is a chance I can move the business maybe.”

Cao also said that although she had no changes planned for the center at this time, she thought the development held potential for future growth.

Pat Anderson, head of the local Chamber of Commerce, said that after the shopping center had been on the market for a few years, the sale was a surprise, but one that could have a positive effect.

“I don’t know how much it was listed for, because none of us ever thought it would sell,” said Anderson. “If you look at history of situations like this, there tends to be change with the new owner and more often than not, that change is positive for the community as well as the tenants.”

Anderson said that she was looking forward to meeting with the new owners, but also commented on the longevity the shopping center had under the Paneno’s ownership.

“The Paneno family is a family that has been, and continues to be, very prominent in La Cañada Flintridge and they have owned that property for several decades I believe,” said Anderson.

The Paneno family could not be reached for comment.

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