A shopping center in La Cañada Flintridge that will soon house a new Gelson’s market has sold for $35.9 million, a real estate services company that handled the transaction announced this week.
The Plaza de La Cañada, located at Foothill Boulevard and Oakwood Avenue, was sold by Vons Companies Inc. to Retail Opportunity Investments Corp., a real estate company that owns several other shopping centers along the West Coast.
The 100,408-square-foot retail center was anchored by Vons until the supermarket closed in October. Premium grocery chain Gelson’s is set to move into the space early next year.
The shopping center, which opened in 1968, has faced many changes over the years. Los Gringos Locos moved from a previous location on Foothill to a corner spot that faces the street in the shopping center in 2012. The space was once the home of Conrad’s Restaurant, an original tenant of the center. Some of the other early tenants included Ivers department store, Jundt’s Pharmacy, the Raven bookstore and Paco's Barber Shop, the latter of which is still operating at the center.
Goodie Girls Cupcakes, which also has a location in Glendale, opened a shop in the plaza next to Zeli’s earlier this year. The center also includes Urban Fitness Pilates Studio, Rite Aid, and T.J.Maxx.
Dixie Walker, senior vice president of commercial real estate services company Cassidy Turley, represented Vons in the sale along with Charley Simpson and Tom Blake.
Walker said he doesn’t know of any current plans for an overhaul of the shopping center.
“To my knowledge, there is no immediate plan to make any [design] changes in the short term,” he said.
But when the shop tenants’ leases expire, the new owner may seek to upgrade the center to “include more national credit names,” he added.
Retail Opportunity Investments Corp. did not return requests for comment.
Pat Anderson, president and chief executive of the city’s chamber of commerce, said the change of ownership will be good for the community and local businesses. “We look forward to working with the new owners,” she said.
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