66,958 SQ FT.
AT A GLANCE
Rare South Bay retail investment offering in a mature trade area with high disposable incomes.
Ideal mix of discount and daily needs with a strong daytime employee population.
Primary neighborhood center serving the immediate trade area.
Aggressive seller pricing expectations with low cash returns.
Required $10M plus down payment with less than 50% LTV, existing long-term CMBS debt.
Center was bifurcated by Palos Verdes Blvd, looked like two different centers with limited parking up front.
Positioned the strength of the trade area with significant barriers to entry.
Focused on the center as the primary neighborhood center for the immediate area.
Stressed the ability to upgrade the tenant mix with strong food operators and increasing the below market rents.
Generated 8 credible offers with strong credible family offices.
Closed at 5.6% cash, cash return on a $10M down payment (less than 50% LTV).
Exceeded seller expectations and closed at contract price.