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1/27/26
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Aria Investments bought Western Plaza, a 28.2k sf neighborhood retail center in Rancho Palos Verdes, for $24.5 mil ($869/sf). The asset was sold by West Hive Capital, who bought it for just $8.4 mil in 2024.
Located at 29105–29229 S. Western Ave, at the intersection of Western Ave and Trudie Dr, the 1950s-era center underwent a full-scale redevelopment and repositioning under West Hive Capital’s ownership.
The comprehensive renovation program included a complete exterior façade modernization, upgraded building systems, and site and parking improvements that included the addition of a new 4k sf outdoor dining plaza designed to support the center’s food and beverage tenants. The firm also re-merchandised the tenant mix to better align with daily needs and service-oriented retail demand in the surrounding community.
New tenants secured during the repositioning include O’Reilly Auto Parts, The Habit Burger Grill, Urbane Café, Mattress Firm, Pacific Dental, Piccinni Italian, Alibaba Mediterranean, Pure Bean Coffee, and Koi Ramen, a locally owned restaurant concept. The improvements resulted in a fully stabilized asset at the time of sale.
Jeff Lefko of Hanley Investment Group represented West Hive Capital, founded and led by Kyle Gorman and Brandon Lehman. Sheila Alimadadian of Marcus & Millichap repped Aria Investments.
“We felt the only way to do it right was to improve the things that actually mattered, like upgrading utilities and parking, instead of just putting lipstick on it,” said Gorman. “We were the new kids on the block when we took this on but hopefully taking it cradle to grave reflects what we are capable of and the standards we plan to bring to every redevelopment moving forward.”
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