Porter Sq. Galleria goes to L.A. firm

The Porter Square Galleria has a new owner under a $35.55 million deal that closed yesterday.

Los Angeles real estate investment management firm CBRE Global Investors bought the 57,265-square-foot retail center from KS Partners.

Built in 1989, the property is 100 percent leased, with a two-level Walgreens, Anna's Taqueria, Potbelly Sandwich Shop and Rock'N Fitness as tenants.

"This is part of our urban retail plan for a fund that is sponsored by CBRE Global Investors," senior managing director Kim Hourihan said. "We loved the location, being right at a T stop and ... sort of the crossroads there in Cambridge."

The galleria is an "urban retail trophy" in a highly developed area, which is very popular now with investors, said a source close to the deal, who also cited the square's "great" demographics.

KS Partners, a real estate investment and development company with offices in Woburn and New York, could not be reached.

The sale was brokered by Holliday Fenoglio Fowler, which declined comment.

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