HFF Seals Retail Deal in California
- Jul 06, 2016
By Ioana Neamt
Los Angeles—HFF has recently closed the sale of Redondo Plaza, a 28,000-square-foot retail center located in Gardena, Calif. The broker marketed the asset on behalf of seller Gerrity Group, while Storm Properties Inc. acquired the property free and clear of existing debt. Financial terms of the transaction have not been disclosed.
Located at 1550 W. Redondo Beach Blvd. in Gardena, roughly 16 miles south of Los Angeles, the shopping center is situated on one of the area’s main thoroughfares. Fully leased by tenants such as Super Laundry, Crazy Rock’n Sushi, T-Mobile, Domino’s Pizza and Jackson Hewitt Tax Services, Redondo Plaza is anchored by a Smart & Final grocery store.
An HFF retail investment sales team led by Gleb Lvovich, CJ Osbrink and Bryan Ley represented the seller in the transaction.
“HFF generated top-tier pricing, while navigating the rollover of Smart & Final with less than 18 months of lease term remaining and making up more than 65 percent of the gross rent,” said Lvovich in a statement. “It is a testament to the strong demand for well-located retail.”
Image via Google Street View