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June 22, 2024
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Retail Center in L.A.’s South Bay Goes for over $500/sf


Redondo Plaza, a 28k sf, grocery-anchored retail center located within Los Angeles’ South Bay in Gardena, sold for $15.12 mil ($540/sf). The center was sold by Storm Properties.

Built in 2002 and renovated in 2018, the 100%-leased Redondo Plaza is anchored by Aldi, which has 11.5 years remaining on its existing 15-year NNN lease. Additional tenants include Domino’s Pizza, T-Mobile, Jackson Hewitt, Super Laundry and Crazy Rock’n Sushi.

Situated at 1550 W. Redondo Beach Blvd, the property boasts over 230,000 residents within a three-mile radius. In addition, the center’s ideal location on W. Redondo Beach Blvd, one of the main thoroughfares in Gardena, exposes the property to over 33,800 vehicles per day. Redondo Plaza is easily accessible to the Los Angeles South Bay submarket and located less than seven miles from the beach.

Gleb Lvovich, Daniel Tyner, Geoff Tranchina and Bryan Ley with JLL Retail Capital Markets represented the seller, Storm Properties, and procured the private 1031 exchange buyer.
“Grocery-anchored retail in primary markets continues to draw significant interest from investors today,” Tyner said. “The strong performance of grocery-anchored centers along with active capital searching for these opportunities has kept market activity robust, and we expect this trend to continue into 2023.”

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