Newmark Knight Frank is pleased to present a truly unique and one-of-a-kind infill investment opportunity currently leased to Dick’s Sporting Goods and Gold’s Gym (“Property”). This iconic location is part of the highly trafficked 1.6 million square foot Glendale Galleria, a Brookfield Properties owned asset that is currently the fourth largest mall in California with an astonishing 30 million visitors per year. In addition to being an extension of Glendale Galleria, the property sits adjacent to the upscale and iconic Americana at Brand, the Caruso developed masterpiece that has quickly become the premier entertainment, dining, and shopping destination of locals and tourists alike. This institutional quality asset offers investors reliable cash flow, limited management responsibility, and exceptional infill real estate.
In addition, the City of Glendale is going through a residential boom with over 5,097 luxury apartment units recently completed or under construction within the downtown Glendale submarket. Glendale currently commands the highest multi-family rents in the San Gabriel Valley where occupancy is tight at 95%.
Compelling investment fundamentals are certain to ensure long-term appreciation. The Property benefits from a dense and affluent consumer base of over 598,000 people with average household incomes of over $92,000 within a five mile radius. This property is strategically located at the epicenter of the urban core of Glendale making this an extremely attractive redevelopment opportunity in the future. In addition to an unparalleled location within this sub-market, the property owner is a participant and approving party under the REA for the mall which will certainly undergo a major redevelopment at some stage.