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11/02/16
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The Knolls Shopping Center, a 52k sf, neighborhood shopping center in Long Beach, sold for $29.15 mil ($560/sf). The property is located at 4250 Long Beach Blvd, north of the 405 Fwy and east of the 710 Fwy.
The property was recently redeveloped by the seller, Red Mountain Group. It is anchored by Trader Joes, Pet Food Express, Crunch Fitness, Verizon, and Chipotle.
Bill Bauman and Kyle Miller with Savills Studley’s Retail Investment Group handled the negotiations on behalf of Red Mountain Group.
“There was exceptional demand for this asset due to the infill nature of the real estate, aesthetic quality of the center, and the extraordinary performance of the project’s tenants,” explained Bauman.
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