Los Angeles-based IDS Real Estate Group has purchased La Cañada Flintridge Town Center for a price in excess of $40 million, the company announced Thursday.
A deal for the 7.6-acre retail complex at Foothill Boulevard and Angeles Crest Highway, the city’s largest commercial development, had been in the works for months.
Anticipation of a sale has generated a positive buzz among local business leaders that IDS would invest in Town Center to expand its amenities.
“We see an opportunity to add value to key elements of the center,” said IDS Senior Vice President Rob Fuelling in a written statement by the company.
Plans include improvements to landscaping, lighting and common areas “that will create a richer, more attractive shopping environment,” and use of the property and its adjacent city park for community events that will generate increased foot traffic, Fuelling said.