Cole Acquires Town Center in Whittier

Cole Real Estate Investments has acquired Whittwood Town Center, a premier community shopping center in Whittier, Calif., in an all-cash transaction for $83.5 million from Morgan Stanley.

“The center has nationally recognized, high-credit quality tenants, recent strong leasing momentum, high occupancy, and a stable cash flow—exactly the type of asset we are targeting for acquisition in our expanding portfolio,” said Kim Kundrak, Cole’s chief acquisitions officer. “Additionally, Whittwood Town Center is the dominant retail destination within the trade area and benefits from a built-out market, limiting future competitive retail development.”

The 688,168-square-foot, 97 percent leased community shopping center was completely redeveloped from 2004 to 2006, and is surrounded by several major freeways serving the greater Los Angeles area. Tenants include Target, Sears, and JC Penney—all on long-term ground lease—as well as other credit tenants, including Vons, Kohl’s, PetSmart, and CVS.

Year to date, Cole has acquired more than $1.4 billion of high-quality commercial real estate, including retail, office, and industrial properties across the U.S.