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10/02/24
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In a notable retail trade out of L.A.’s South Bay region, Chartwell Real Estate Development paid $27.8 mil for Park Pacific Shopping Center, a 49.9k sf, ($557/sf) grocery-anchored retail center in Hermosa Beach. This marks the first sale of the property since its development over 50 years ago.
The center is anchored by a Trader Joe's and features a mix of national brands such as Starbucks, Five Below and Sally Beauty, alongside local businesses. Located at 1100 Pacific Coast Hwy, the center is situated in the prime coastal community of Hermosa Beach with average household incomes exceeding $170,000 per year and average home values over $2 million within a one-mile radius of the property.
The property was sold by a private investor. Daniel Tyner, Gleb Lvovich and Geoff Tranchina with JLL represented the buyer in the deal.
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