Published on Thursday, April 23, 2026
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Demand is there for well-located neighborhood centers.
Progressive Real Estate Partners has sold The Shops at Walnut Hills Plaza in Walnut, Calif., to Portola Real Estate Partners for $13.53 million, as Los Angeles retail continues to see strong demand for certain product, with options for tenants remaining limited.
Inland Empire-based Progressive Real Estate Senior Vice President of Retail Leasing Investment Sales, Roxy Klein and Senior Vice President and Managing Director, Greg Bedell, represented the seller, a Los Angeles-based private investor.
"The sale of Walnut Hills Plaza highlights the continued strength of the Los Angeles retail investment market, particularly in infill San Gabriel Valley locations where supply remains extremely limited," Bedell told GlobeSt.com.
"Despite elevated interest rates, we are seeing sustained demand for well-located neighborhood centers with stable, service-oriented tenant mixes that provide durable cash flow."
In this case, Bedell said the combination of strong demographics, high barriers to entry and clear mark-to-market rent upside drove competitive interest from both private and institutional buyers.
"Transactions like this demonstrate that capital is still very much active, but highly selective and focused on fundamentally sound assets," Bedell added.
He said he expects transaction velocity to improve through 2026 as financing conditions stabilize and pricing expectations between buyers and sellers continue to align.
The Shops at Walnut Hills Plaza is ideally located in the San Gabriel Valley, in one of Southern California's most affluent submarkets. It serves 142,010 residents within three miles and 55,600 students at nearby educational institutions, including Cal Poly Pomona and Mt. San Antonio College.
The fully leased center, built in 1983, covers 37,173 square feet at 18718 - 18766 Amar Rd.
It features 19 e-commerce-resistant tenants, including restaurants, medical, beauty and daily-needs operators. Tenants include O'Reilly Auto Parts, Little Elephants Kids Place, Osuna's Mexican Restaurant, Papa John's Pizza, Native Fields Restaurant, Walnut Hills Family Dentistry, Pediatric Dentistry, Sky Nails and others.