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1/27/17
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Winright Investments LLC paid $14.5 mil for two adjacent retail centers in Torrance. The assets were sold by a partnership between JSGT Fund LLC and Torrance RF LLC.
One of the properties, the Torrance Western Shopping Center, located at 1820-1842 West 182nd St, is a stable, Southern California shopping center with strong anchors and a diverse tenant mix. Totaling 30.3k sf, the center is anchored by 99 Cents Only, a top performing retail chain at this location. The shopping center was recently improved with a parking lot re-paving and updating of the exteriors.
The second property, Sansei Shopping Center, is located at 18203 South Western Ave and is a brand new retail strip center located in the heart of Torrance. Tenants include 7-Eleven and Shin Sen Gumi, a successful traditional Japanese restaurant that will be opening their first drive-thru store at this location. The property was still under construction and had two vacancies at the time of sale.
CBRE’s Alex Kozakov, Patrick Wade and Eric Roy represented the sellers in the transaction. Realty Advisory Group Inc repped the buyer.
“Los Angeles County’s South Bay communities offer an outstanding quality of life amidst a thriving economy,” said Wade. “The sellers presented a rare opportunity for the new buyer to own the entire corner in the heart of one of the busiest intersections in the South Bay.”
The Greater Los Angeles retail market remained one of the most active in the country through the end of last year, buoyed by strong tourism paired with a diverse and well-compensated employment base, according to CBRE research. Los Angeles retail showed very few signs of recess with its enticing quality to attract retail tenants. The Greater Los Angeles region is a prime market for flagship retail locations. As retailers continue to grow their online and brick and mortar presences, many merchants are focusing on locations in densely populated areas and smaller store design in neighboring markets.
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