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12/28/15
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In a recent retail investment buy in LA’s South Bay region, a private investor purchased a 51k sf portion of Hawthorne Town Center in a $15.25 mil ($299/sf), off-market transaction. The asset was sold by Primestor Development Inc.
Located at 2750 West 120th St, east of Crenshaw Blvd and south of I-105, Hawthorne Town Center is co-anchored by PetSmart and Ross, which were not part of this transaction. The center was originally constructed in 2004 and then redeveloped in 2014.
Hawthorne Town Center is situated between Lowe’s and Target within a trade area that includes the Century Business Center - an 86-acre, master-planned business park that is home to the corporate headquarters of SpaceX and the world renowned Tesla Design Center.
Cushman & Wakefield’s Retail Investment Team led by Dixie Walker, along with Charley Simpson and Andrew Milne, represented Primestor in the sale. According to Walker, the seller agreed that it was in their best interest to expose the offering on a select basis to qualified prospects. The buyer has other holdings throughout the greater Los Angeles area.
“We knew our seller had a price and timeline that needed to be met and we located the right buyer who understood the parameters and executed in a very short timeline,” noted Walker. “In this market, surety of close is just as important as price and terms and this buyer’s reputation was something we could count on.”
This sale marks the fourth transaction in the last two months for the C&W team, with total consideration in excess of $160 mil.
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