A joint venture between U.S. retail and mixed-use properties developer Festival Cos. and real estate fund manager Hutensky Capital Partners has sold Santa Fe Trail Plaza, a 112,335-square-foot community shopping center in El Monte, California to real estate investment firm TA Realty.
The purchase price is expected to be around $41.4 million. Completed in 2016, Santa Fe Trail Plaza sits on 9.2 acres at 10601-10761 Valley Blvd. and 10714 King Court in El Monte, less than half an hour east of downtown Los Angeles.
Additionally, the property was newly developed and features a high image and extremely functional design which helped bring in multiple offers to purchase the property.
California-based commercial real estate services and investment firm CBRE represented both sides in the transaction.