SoCal Retail Plaza Sells for First Time in 50-Year History
Chartwell paid $28M for the grocery-anchored plaza in coastal enclave Hermosa Beach in L.A.’s South Bay
By Nick Trombola October 7, 2024 1:45 pm
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A grocery-anchored retail center in Hermosa Beach, Calif., has sold for the first time since it was developed 50 years ago.
Costa Mesa-based Chartwell Real Estate Development spent $27.8 million for Park Pacific Shopping Center, a nearly 50,000-square-foot open-air plaza anchored by Trader Joe’s. Chartwell acquired the property from a private investor, according to JLL Capital Markets, whose members Daniel Tyner, Gleb Lvovich and Geoff Tranchina represented the buyer in the deal.
Other tenants at the plaza at 1100 Pacific Coast Highway include Starbucks, five below and Sally Beauty.
“The strong fundamentals and performance of retail has proven to be resilient and attractive to a wide variety of investors,” Lvovich said. “We expect demand to continue to accelerate as interest rates moderate and potentially decline further.”
Retail plazas continue to sell reliably in Southern California, with a number of them trading hands across the region in recent months.
Among the most notable was the Gerschel Family and Soboroff Partners’ midyear sale of The Park at Cross Creek Shopping Center in Malibu to a private buyer for $80 million. In August, Reliable Properties paid $20 million to complete its assemblage of the Barnsdall Square plaza in Los Feliz, while in early September MCB Real Estate spent about $65 million on a 273,000-square-foot retail center in Fontana, in California’s Inland Empire.
Nick Trombola can be reached at ntrombola@commercialobserver.com.
