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10/31/12
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King Harbor Plaza, a 13.1k sf retail strip center located within an Albertsons-anchored shopping center in Redondo Beach, recently traded hands at a price of $3.91 mil, or $299/sf. The property, acquired by a San Diego-based private investor, is located at 705-715 North Pacific Coast Highway, just south of 190th St and a few blocks in from the coast.
Built in 1954 and renovated in 2012, the property consists of a multi-tenant retail building situated on .21 acres. The property was 100% occupied at the time of the sale and includes tenants Style Rage, New Tokyo Restaurant, Happy Veggie Restaurant, Hair & Nails, United Studios Karate and Sea Breeze Liquor & Wine. Other tenants within the center, but not a part of the sale, include: Albertsons, Petco, Carl’s Jr. H&R Block, Little Caesar’s and Postal Annex.
The buyer was represented by Paul Bonanno and Jeff Ramsay of Net Leased Real Properties in Encinitas. Eric P. Wohl and Kevin T. Fryman of Hanley Investment Group Real Estate Advisors repped the seller, a private investor in Oakland.
“King Harbor Plaza presented an excellent opportunity for the buyer to own a grocery shadow- anchored retail center with below market rents and upscale demographics,” said Fryman.
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