Sold! | Photo by Eagle Rock Plaza

Eagle Rock Plaza has been sold

2021 Editions Featured June Real Estate

By Bill Hendrickson

The Eagle Rock Plaza has been sold. The buyers are Eastern Real Estate, based in Boston, and Atlas Capital Group, a firm based in New York City with substanial real estate assets in Los Angeles. The sale closed on Wednesday, June 16.

The Boulevard Sentinel learned of the sale from William Bauman, vice-chairman of Newmark Knight Frank, the firm that brokered the sale.

Bauman said he was not at liberty to disclose the sale price, though back in December 2019, Thomas Dobrowski, a principal at Newmark Knight Frank, told the Commercial Observer, a trade publication, that the sale price “could go higher than $100 million.”

As for details about the buyers’ redevelopment plans for the Plaza, Bauman referred the Sentinel to a principal at Eastern. We have reached out to the source, but not yet heard back. The only meaningful speculation we have at this point about possible redevelopment plans comes from the Commerical Observer story in 2019,  in which Dobrowski said that “a mixed-use densification play is probably how most folks will look at this site; given the fact you can do multifamily, office, creative office and you have retail.”

On the website for Eastern Real Estate, the company wrote that the “Eagle Rock Plaza will remain a hub that serves the needs of the community for years to come.”

This is a developing story. We will update as we receive more information.  

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Bill Hendrickson, MBA, publisher of the Boulevard Sentinel, has extensive small business management, marketing and sales experience in corporate finance and real estate development and plays a not terrible game of golf.

Bill Hendrickson
Bill Hendrickson, MBA, publisher of the Boulevard Sentinel, has extensive small business management, marketing and sales experience in corporate finance and real estate development and plays a not terrible game of golf.

13 thoughts on “Eagle Rock Plaza has been sold

  1. I hope they do Eagle Rock justice with the Plaza. I look forward to good things to come!!

  2. No surprise, with the pushing through of METRO’s BRT on Colorado, contrary to the majority of Eaglerock stakeholder’s wishes. Developer’s and investor’s salivating, at Los Angeles’s rezoning prospects, are already pouncing on their prey.

    BTW where are we gonna get the water for all those new toilets and bathtubs? Stupidity, meet greed.

  3. Well they’ll take a page out of Pasadena’s playbook and build luxury apartments that no one can afford!

  4. Not only is a historic place in jeopardy but hardship ahead for locals if basic services are phased out. ER, Glassell and Highland Park have to go further for stuff like Target, Macy’s. It’s like what happened when Kmart closed in Sunland/ Tujunga, leaving area residents no options for basics except to venture to crowded Glendale or Pasadena, which is not so easy if you’re on the bus,limited car access or elderly who may not feel so adventurous.

  5. If more housing meant lower housing costs, it would be great, but no landlord is going to lower his rent, and new housing would likely be held off market to prevent any decrease in rent.

  6. Let’s hope it doesn’t sit there in disarray like Pillarhendge has for the last 15 years.

  7. What an amazing coincidence that days after the BRT was approved for Colorado Blvd., a company that specializes in mixed-use buildings bought the ER Plaza. Prepare for several years of non-stop construction.

    1. This is all about the backroom developers at City Hall. METRO is the front.

  8. Yup, no surprises here. BRT plus developers making bank plus increased density and not enough water. I hope we can survive the interim, see the benefits of affordable housing (not luxury units like Glendale and Pasadena) and not have our local businesses suffer

  9. When it says that it can become multi family, does that mean the property is zoned for multi use including residential? Does anyone know?

  10. I hope the restaurants and businesses that come to the space can support the employment needs of the community. No I don’t want the Americana or Downtown Pasadena, but active participation in the process can craft what we want to see. Not everyone will be pleased but you always have your vote and the rule of law as a citizen.

  11. LOL i’m laughing because Eagle has become such a hot place for good and bad things to come..that we are having a homeless shelter being built, the Bus lane bullsht, and also don’t forget the monstrosity of a building being built for the elderly and people with Alzheimers on Yosemite and Fair park across the street from Panda Express and now our beloved ER plaza has been bought and who know what they are planning.. if they are trying to recreate the Americana or the Pasadena mall or whatever it’s called these days (always looking dead and empty same with the residential homes at the Americana in Glendale). it seems that we the citizens of Eagle Rock do not have a voice and these people with deep pockets that can care less what we say since money is king will destroy our quaint, quiet little city of Eagle Rock. The city of Los Angeles did not have a meeting with all of Eagle Rock Citizens so we can have a vote. Some group of people voted whom I have no fckng clue who they are or heard of. I VOTE NO TO ANY CONSTRUCTION UNTIL ALL THE CITIZENS OF EAGLE ROCK HAVE HAD THEIR VOTE.

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