L.A.-based company buys Southwest Marketplace

Southwest Marketplace, a shopping center anchored by Smith's Food and Drug, has been purchased by Los Angeles-based LBG Realty Advisors in partnership with an equity fund, the company said Thursday.

Financial terms weren't disclosed.

The acquisition includes the 65,400-square-foot Smith's Food and Drug Store and Smith's Gas, a subsidiary of Cincinnati-based Kroger Co.

At closing, the 118,000-square-foot center was 85 percent leased to 18 tenants. The 16.7-acre site includes 825 parking spaces and two completed building pads.

The property at Rainbow Boulevard and Windmill Lane is in the center of a densely populated and growing neighborhood. The trade area is about 65 percent built out with a population of 16,000 people within a 1-mile radius.

LBG will be leasing the property and is negotiating with prospective tenants for the large development pad and vacant spaces.

The development is projected to be completed in 2013.