January 11, 2021 9:00 AM
Newmark announces it has completed the $39.7 million sale for South Bay Village, a 107,539-square-foot grocery-anchored shopping center in Torrance, California.
Newmark’s Vice Chairman Bill Bauman and Executive Managing Director Kyle Miller as well as Luke Palmo with Westmac Commercial Brokerage Company represented the seller, Regency Centers, and the buyer, Charing Cross, in the transaction.
Located at 19330 Hawthorne Boulevard, South Bay Village is occupied by nationally recognized tenants including Homes Goods, Wal-Mart, and El Pollo Loco. The property benefits from a dedicated signalized access point, best in class tenants and cross-shopping with neighboring Torrance Promenade, a 270,000-square-foot center anchored by Trader Joe’s, Marshalls, Ross, Party City and Burlington Coat Factory.
“South Bay Village presented a unique opportunity for the buyer to acquire a strong performing grocery anchored center with exceptional credit tenants that is located in the heart of one of the strongest retail corridors in Southern California,” said Bauman. “This is a win-win for both the seller and the buyer in terms of pricing and execution.”
Built in 1971 and renovated in 2012, South Bay Village is situated on arguably one of Los Angeles County’s strongest commercial corridors with nearly 72,025 cars passing per day. Hawthorne Boulevard, the heartbeat of the South Bay, services Manhattan Beach, Hermosa Beach, Redondo Beach, Palos Verdes Peninsula, El Segundo, Torrance, Gardena and Hawthorne.
Torrance is a coastal community in southwestern Los Angeles County with 1.5 miles of shore-front beaches. The average household income exceeds $94,000, within a three mile radius of South Bay Village.
About Newmark (Nasdaq: NMRK)
Newmark Group, Inc., together with its subsidiaries (“Newmark”), is a world leader in commercial real estate services, with a comprehensive suite of investor/owner and occupier services and products. Our integrated platform seamlessly powers every phase of owning or occupying a property. Our services are tailored to every type of client, from owners to occupiers, investors to founders, growing startups to leading companies. Harnessing the power of data, technology, and industry expertise, we bring ingenuity to every exchange, and imagination to every space. Together with London-based partner Knight Frank and independently owned offices, our 18,800 professionals operate from approximately 500 offices around the world, delivering a global perspective and a nimble approach. In 2019, Newmark generated revenues in excess of $2.2 billion. To learn more, visit nmrk.com or follow @newmark.
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