A Dallas, Texas-based investment firm has purchased the Glendale Marketplace on Brand Boulevard, seeing major potential in the retail plaza that is home to stores and restaurants including HomeGoods, Outback Steakhouse, Old Navy and the four-screen Galaxy Theatres.
Cypress Equities announced the sale on Monday, though the sale closed on Friday. The cost of the acquisition was not disclosed.
Todd Minnis, managing partner of the real estate investment management division of Cypress, said Tuesday that the firm acknowledges the 154,420-square-foot Glendale Marketplace has lost some of its luster.
"It's had better days at some point, but we do think that it's well located and as the plans continue to develop at Glendale Galleria and Americana, we can incorporate this," he said. "We're going to make changes, and we're going to better integrate it with the changes that are occurring there along Brand."
Sharon Mann Garrett, senior economic development coordinator for the city, said Tuesday the Marketplace is the fourth largest retail development in Glendale, behind the Glendale Galleria, the Americana at Brand and Glendale Fashion Center.
The Marketplace, which has struggled over the last several years, has seen one-time major tenants Tower Records and Mann Theatres go out of business. It was put up for sale in November 2010.
The Marketplace was sold in 2005 for $50 million, the News-Press reported at the time.
Minnis said the retail center's sole vacancy is a 34,000-square-foot space that formerly housed a Linens 'n Things, which closed all its brick-and-mortar stores but still sells online.
In the next six months, Cypress will develop a plan for making improvements to the space and bring that to the city before seeking new tenants, Minnis said.
He added that the company's main goal will be to take advantage of the foot traffic being drawn to downtown by the Americana at Brand and Glendale Galleria, where a major renovation project is underway and a 120,000-square-foot Bloomingdale's is set for an autumn opening.
"For a long time, this property has had its back kind of turned on it by the properties along [Brand] … we will make changes and hopefully better position it to extend that shopping environment out there," he said.