The Normandie Center, a fully occupied retail property in Gardena is being put on the market with an asking price of $12.32 million, or approximately $696 per square foot. According to an offering memorandum obtained by The Registry, the property is occupied by several long term tenants, and shadow anchored by major retailers like Dollar Tree, Starbucks and Planet Fitness.
Located at 1312-1336 Rosecrans Avenue on 1.58 acres, the retail center totals 17,702 square feet and was initially built in 1964. Most recently, the one-story shopping center received updates in 2020 by its current owner, BH Properties, which purchased the property in 2001.
According to the offering memorandum, the property offers strong long-term tenants with scheduled rental rate increases ranging from 2 to 4 percent. Currently, the property offers a net operating income of $616,185, with tenants including Pizza Hut, T-Mobile and several locally owned businesses.
While serving as a retail location, the property could also serve as a potential redevelopment site, the offering memorandum shows. The property is located in a mixed-use overlay zone, which allows for a potential mixed-use or residential development with up to 47 residential units and 35,000 square feet of commercial space. According to the property listing, the redevelopment potential could make the property more valuable to potential investors given the large population of Gardena as well as the Greater Los Angeles area.
Located along the highly trafficked intersection of Rosecrans and Normandie avenues, the immediate area sees approximately 60,000 vehicles per day. The property is also less than a mile from Interstate 110, which sees approximately 250,000 vehicles per day.
In general, the area sees a high volume of people due to its location within Los Angeles County, which is home to approximately ten million residents, according to the offering memorandum. Within five miles of the property, there are more than 800,000 residents with an average household income of $82,606.
“With strong growth projected and a focus on two major Development Corridors (the Artesia and Rosecrans Corridor), Gardena is an ideal location central to major freeways, (405, 110 and Redondo Beach 91), railways and international trade seaports, Gardena offers businesses a competitive advantage. Consumer spending surveys demonstrate $2.3 and $3 billion for each of the Development Corridors and major city arterials,” the offering memorandum states.
The property is listed by Farris Lee Investments, which did not respond in time to comment on this story.
