Compton Gateway Towne Center changes hands
Clarion also owns the 58-acre Brickyard industrial park
Compton Gateway Towne Center. Photo source: Facebook
Clarion acquires Compton Towne Center for $86M; Prism Realty developed the Gateway Towne Center a decade ago
COMPTON — Clarion Partners has acquired the Gateway Towne Center shopping center in Compton for $86 million, the Compton Herald has learned.
The New York-based real estate investment manager purchased the 281,000-square foot complex from Costa Mesa-based Prism Realty, according to The Real Deal Real Estate News.
The Gateway acquisition pencils out to $304-per-square-foot for the 33-acre property at 101 Towne Center Drive.
The Gateway Town Center is a 66-acre retail mega center, featuring Target, Home Depot, Best Buy, Ross, Staples, Marshalls, T.G.I Friday’s, along with several other dining spots.
Prism built the shopping center in 2007 at the site of the abandoned Compton Auto Plaza, a City redevelopment project in the 1980s that fell short of expectations.
The mall was Prism’s only asset outside of the New York-New Jersey area. Clarion owns one other development in the area — the 58-acre Brickyard industrial park at 13633 S. Central Ave.