Boston Investor Strikes Big with El Monte Acquisition

In a significant transaction, Colliers has facilitated the sale of El Monte Shopping Plaza, located at 8841 N. 19th Ave., to Lena Centers, a division of Boston-based Longpoint. The shopping center, which was 99 percent leased by ASI Real Estate at the time of sale, boasts a diverse mix of 15 tenants.

“El Monte was originally built as a grocery-anchored center in 1962,” stated Mindy Korth, executive vice president with Colliers. She emphasized its long-standing commitment to the community, noting its consistent high occupancy for over six decades.

This sale involved teamwork between Korth, JK Jackson from Colliers in Phoenix, and El Warner and Caitlin Zirpolo from Colliers in Irvine, CA. The shopping plaza encompasses approximately 101,269 square feet of retail space, situated on an 8.8-acre parcel.

Since its inception, El Monte Shopping Plaza has undergone multiple renovations. It is anchored by El Rancho Market IGA, a grocery store known for authentic Mexican and Hispanic products, along with additional tenants such as dd’s Discounts, Shoe Palace, ArchWell Health, Cute Smiles dentistry, Cricket Wireless, and Baskin Robbins.

Located next to the most frequented light rail station in Metro Phoenix, the plaza serves a local population of over 164,293 residents within a three-mile radius. This prime location sees roughly 85,000 vehicles passing by daily.

A press release highlighted Lena Centers’ mission to revitalize grocery-anchored shopping centers into culturally significant community hubs. According to a representative from Colliers, the new ownership plans to retain all existing tenants and is set to invest in improvements at the center without pursuing a full redevelopment.