Newmark and CBRE, Inc. have announced the sale of 51 acres of land in Redondo Beach, CA for an undisclosed amount. Located at 1100 North Harbor Drive, the property is home to the AES Redondo Beach Power Plant.
The sale represents one of the largest coastal redevelopment land sale opportunities ever in Southern California. The power plant will continue operating through 2023 should it be needed to support electric reliability needs.
Newmark Co-Head of U.S. Capital Markets Kevin Shannon, Executive Managing Director Ken White and Senior Managing Director Scott Schumacher along with a team led by CBRE’s Executive Vice President Laurie Lustig-Bower and Vice President Kadie Presley Wilson co-represented the seller AES Corporation. The buyer, a private local investor, was self-represented.
“The sale and the future redevelopment of the site is a win-win for the city, the new owner and AES,” said Shannon. “This generational opportunity had significant interest from both domestic and international capital sources. It is extremely rare to obtain 51 acres of land in such a desirable coastal location.”
“The future decommissioning of the AES power plant in Redondo Beach provided developers with a unique opportunity to acquire prime acreage of land adjacent to the Pacific Ocean,” said Lustig-Bower. “The challenge was finding a buyer willing to close on the transaction while the plant remains operational, in addition to navigating the complex regulatory process of site remediation and closure.”
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently owned offices, Newmark’s 18,000 professionals operate from approximately 480 offices on six continents. Newmark’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
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