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4/19/17
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Retail Opportunity Investments Corporation (ROIC), the publicly traded REIT, closed on an LA-area acquisition, picking up The Terraces, a 172.9k sf shopping center in the affluent South Bay community of Rancho Palos Verdes. ROIC purchased the asset through a subsidiary. Although the price was not given out, various sources peg the deal near $54 mil, or over $310/sf.
Built in 1959 and renovated in 1988, 2008 and 2016, The Terraces is located at 28821 – 28901 South Western Ave, west of the 110 Fwy, maybe four miles in from the coast. The property offers visible frontage along the Western Avenue Retail Corridor and four points of access.
One of the most dominant centers serving the south side of the Palos Verdes Peninsula as well as the coastal communities of Palos Verdes Estates, Rancho Palos Verdes, and San Pedro, the center is 89 percent leased. Featuring three terraced levels of shopping, notable tenants include Trader Joes, Marshalls, LA Fitness and Starlight Cinemas.
The seller was Terraces Subsidiary LLC, a joint venture of Combined Properties and Saban Capital Group Inc. They had acquired the center in 2013 for around $37 mil.
Savills Studley’s Bill Bauman and Kyle Miller handled the transaction negotiations, bringing the seller and buyer together at the conclusion of a very competitive marketing campaign that attracted offers from multiple institutional investors, including ROIC. Bauman and Miller also represented the seller of the center in 2013.
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