HFF closes sale of grocery-anchored retail center in Los Angeles’ South Bay
NEWPORT BEACH, CA – June 28, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of Redondo Plaza, a fully-leased, grocery-anchored retail center in the South Bay-area community of Gardena, California.
HFF marketed the property on behalf of the seller, Gerrity Group. Storm Properties, Inc purchased the asset free and clear of existing debt.
Anchored by Smart & Final grocery store, the 100-percent-leased Redondo Plaza is home to national and regional tenants, including Super Laundry, Crazy Rock’n Sushi, T-Mobile, Domino’s Pizza and Jackson Hewitt Tax Services. The center is located at 1550 W. Redondo Beach Boulevard in Gardena, a Southern California city approximately 16 miles south of Los Angeles. Located on one of the main thoroughfares in Gardena, the property is exposed to more than 33,000 vehicles per day, and more than 230,000 residents live within a three-mile radius of Redondo Plaza.
The HFF retail investment sales team representing the seller was led by Gleb Lvovich, CJ Osbrink and Bryan Ley.
“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,” Lvovich said. “It is a testament to the strong demand for well-located retail.”
About Gerrity Group
Gerrity Group owns and operates retail properties in the western United States. Fully integrated and privately held for over 20 years, the company acquires, leases and manages neighborhood and community retail real estate in partnerships with institutional investors. For more information, visit www.gerritygroup.com.
About Storm Properties
Storm Properties and its affiliate companies are a leading acquirer, developer, owner and manager of industrial, commercial and residential properties with over 40 years of experience in California. Storm Properties is a proud subsidiary of Storm Industries. Visit www.storm-properties.com for more information.
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 23 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.
Holliday Fenoglio Fowler, L.P., acting by and through Holliday GP Corp., a real estate broker licensed with the California Department of Real Estate, License Number 01385740.