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5/07/15
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Hawaiian Gardens Town Center, a 124.6k sf, grocery-anchored retail center in the SoCal city of Hawaiian Gardens, was purchased by JH Real Estate Partners Inc for $33 mil, or about $265/sf, free and clear of existing debt. The asset was sold by an affiliate of HP Investors LLC.
Located on 10.7 acres at 12090-12144 Carson St, west of Norwalk Blvd, Hawaiian Gardens Town Center consists of five one-story buildings. The center, which underwent renovations in 2012 and 2013, is anchored by Walmart Neighborhood Market and is 95 percent leased to a diverse roster of national and regional tenants including O’Reilly Auto Parts, Sally Beauty Supply, MetroPCS, Hertz Rent-a-Car and Rent-a-Center.
The property is immediately off of the 605 Fwy about 21 miles from Los Angeles in southeastern Los Angeles County near the border with Orange County. The center is located at a “main and main” intersection in Hawaiian Gardens and is within walking distance to the city’s largest employer, the Hawaiian Gardens Casino.
HFF associate director CJ Osbrink, senior managing director Ryan Gallagher and managing director Bryan Ley represented the seller in the deal.
“Hawaiian Gardens Town Center saw a broad spectrum of buyers from private high net worth and exchange driven investors to REITs and institutional advisors,” Osbrink said. “The property’s long-remaining lease term with the credit anchor, stable rent roll and high-traffic location checked several boxes that many investors are looking for in retail acquisitions today.”
For those of you interested in a little trivia about the area, Hawaiian Gardens is the smallest city in Los Angeles County with a population of just over 14,000 people per the 2010 census, according to Wikipedia. The city is approximately one square mile in size and was incorporated on April 9, 1964.
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