The La Cañada Flintridge Town Center, formerly owned by IDS Real Estate Group, sold for $66 million to TRC Retail on March 8.
The LCF Town Center is home to Blaze Pizza, The Habit Burger Grill, Luna Grill, Sakura Japanese Steak & Seafood House, Panera Bread, Chipotle Mexican Grill, Anytime Fitness, CorePower Yoga, SportClips, HomeGoods, Target, AT&T and Taylor’s Steak House.
IDS Real Estate Group first acquired the Town Center in 2011 for $40.4 million, according to a Real Deal article published on March 21.
“In 2011 and on behalf of a public pension fund, IDS Real Estate Group acquired the La Cañada Flintridge Town Center, a 115,000-square-foot regional center completed in 2008 after a decades long entitlement odyssey,” reads the IDS Real Estate Group website.
Since purchasing the Town Center, IDS has repositioned the plaza with lifestyle elements such as inviting dining courtyards, native landscaping, exterior renovations and architectural lighting, according to its website.
Executive Vice President for IDS Real Estate Group Robert Fuelling told the Outlook Valley Sun that the group’s reason for selling was that it had completed its businesses plan for the property.
“We successfully completed our business plan of repositioning the Town Center with high-quality tenants that offer a variety of retail experiences to the community,” said Fuelling. “When we bought the center 11 or 12 years ago, it had quite a bit of vacancy, and we were very pleased with the type of tenants we were able to attract to the community. And so, the reason for selling is we completed our business plan, and that’s the nature of our business.”
The new owner, TRC Retail, is a privately held retail real estate operation company that owns, develops and operates shopping centers, located across the Western United States.
“TRC is focused on acquiring and developing well-positioned necessity-based retail shopping centers in high barrier to entry West Coast markets where we are able to enhance the customer shopping experience,” reads the company’s website.
TRC currently owns six Los Angeles-area shopping centers in cities such as Monterey Park, Long Beach, Whittier and Sun Valley, according to its website.
LCF Chamber of Commerce President and CEO Pat Anderson said she has yet to meet with TRC Retail leadership but is hopeful that the change will bring a positive impact on the community.
“IDS has been involved in our community on a personal and business level,” Anderson told the Outlook Valley Sun. “It is always difficult to say goodbye, but we look forward to working with TRC Retail to take the Town Center positively into the future.”
LCF City Manager Daniel Jordan said he shares the same sentiment.
“The city is very excited at the news that TRC Retail has purchased the Town Center property,” said Jordan. “We have had a wonderful relationship with IDS, and we expect the same will be true with TRC.”
Fuelling, meanwhile, said IDS Real Estate Group is appreciative of the city of LCF.
“We really enjoyed working with the city and appreciate the support of the community over the years,” said Fuelling. “And TRC Retail is a really good operator of Best-in-Class retail centers, and we think they’re going to do a great job.”
TRC Retail did not respond to a request for comment by the Outlook Valley Sun’s press deadline this week.
First published in the March 28 print issue of the Outlook Valley Sun.
