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.