Glendale Marketplace Near Choosing Buyer

Sellers of the Glendale Marketplace are expecting to choose a buyer for the center within the next week or so. The 160,000-square-foot center, which is located directly across from The Americana at Brand, was placed on the market about two months ago and has received about a dozen offers, said Dave Doupe, international director with Jones Lang LaSalle. The Chicago-based company is handling the sale. Lang said the sale price has not yet been determined. The center is 97-percent leased and 72-percent occupied. Its anchor stores include a Mann theater, Old Navy and HomeGoods. Two vacancies include stores formerly occupied by Linens ‘n Things and a Marshalls. “It’s ready for a bit of a facelift, and more importantly, ready to be re-branded,” Doupe said, adding that the vacancies create development potential for the future buyer. “The group that owns it now has owned it for five years, and they just decided that it’s not their cup of tea to work through this new repositioning plan.” The center is currently owned by a partnership that includes Eagle Glendale Marketplace and ATK Glendale. Doupe said the center has a back parking area on Maryland Avenue where shoppers park and walk right through Glendale Marketplace and into The Americana at Brand. “We already get a pretty strong pedestrian flow,” Doupe said. “We just have to work a little bit to recapture some of that.” The center’s owners currently owe just under $44 million on the property through an existing loan, which serves as assumable debt, Doupe said.