Walmart-Anchored Shopping Center Trades for $40M in LA’s South Bay
The 108,000-square-foot complex last sold for $16 million in 2012
Shopping center trades are few and far between these days, so it’s unusual to see one close in Los Angeles’ South Bay.
Investment firm Charing Cross acquired South Bay Village, a 107,539-square-foot shopping center in the city of Torrance, from Regency Centers for $39.7 million. It’s occupied by tenants that include Walmart, Home Goods and El Pollo Loco.
South Bay Village is located at 19330 Hawthorne Boulevard near the Torrance Promenade, a 270,000-square-foot center anchored by Trader Joe’s, Marshalls, Ross, Party City and Burlington Coat Factory. The retail village last sold for $15.6 million in 2012, property records show.
It was built in 1971 and renovated in 2012. Torrance is in southwestern L.A. County, near El Segundo and Redondo Beach, with 1.5 miles of shore-front beaches.
Newmark (NMRK) announced the sale. Jacksonville, Fla.-based Regency Centers wasn’t immediately available for comment.
The coronavirus pandemic accelerated growing issues for the retail sector. Major brands like Neiman Marcus, JCPenney, Brooks Brothers, and Lord & Taylor, filed for bankruptcy in 2020 in a losing battle with e-commerce. However, major retailers like Walmart also benefited from the pandemic effects because grocery stores have been allowed to remain open through the economic lockdowns, and the company is also gobbling up industrial properties around the country.
Newmark’s Bill Bauman and Kyle Miller, as well as Luke Palmo with WESTMAC Commercial Brokerage Company, represented both Regency Centers and Charing Cross in the transaction.