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4/14/22
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Pacific Plaza, a 28k sf, neighborhood retail center in Torrance, was purchased by a private investor in a $16.9 mil ($604/sf) transaction. The multi-tenant property, located at 2382, 2390 and 2396 Crenshaw Blvd, includes a medical institute, bank, nail salon, and other food and retail offerings.
Pacific Plaza is situated at the northeast corner of Crenshaw Blvd and Sepulveda Blvd, a major signalized intersection, with a mean daily traffic exceeding 85,000 cars per day. The center is anchored by Providence Medical Institute, which shares an entrance with two other active multi-tenant retail centers adjacent to the property. Other notable tenants include Woori Bank, Subway Sandwich, and the UPS Store.
Pacific Plaza is located in the Old Torrance neighborhood, in a high-income and high-density location. There is a daytime population of 94,000 employees within a two-mile radius, and a household income of $116,417. The center is easily accessible from the 405 freeway and 110 freeway and is a highly walkable neighborhood close to community parks, schools and other amenities. At the time of sale, the property was 100% occupied. The buyer intends, over a period of time, to modernize the property and add value through deploying a capital improvement plan and tenant lease restructuring.
The buyer, an unnamed private family fund, has primarily held out-of-state commercial real estate in recent years. In a strategic shift, the California-based investor has repatriated its holdings back to its home state from investments in Texas. Eric Vu of Newport Beach-based Anchor Point Capital repped the buyer in the deal.
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