A new investment opportunity has been made available in the Greater Los Angeles retail market. According to a property listing from CBRE, Chargers Commons, a 19,919 square foot, five-building retail center, has been listed for sale with an asking price of $26.5 million, or approximately $1,331 per square foot.
The shopping center is situated on a sprawling 6.38-acre lot, and includes several addresses from 2120 to 2160 El Segundo Blvd. in El Segundo. Leading marketing efforts for the property is CBRE’s Retail Investments-West team, involving Trent Steeves, Philip Voorhees, Megan Lanni and Erin Smith. The property is marketed on behalf of the current owner, CDC Mar Retail I LLC, an entity affiliated with Continental Development Corporation, which acquired it in 2020, according to public property records.
The asset was completed in 2022 and is fully occupied by a mix of tenants, including Starbucks, Raising Cane’s, Panera Bread, Panda Express, Kinecta FCU, Capriotti’s, the Los Angeles Chargers Team Store and California Chicken Café. With existing tenants, the weighted average lease term for the property is just over 11 years.
The property is located within close proximity of the Airport/Aerospace District and Los Angeles International Airport (LAX). Additionally, a number of employers are nearby, including Raytheon, Oracle, Northrop Grumman, Mattel, L’Oreal, Chevron, Boeing and more.
El Segundo itself boasts highly affluent and dense demographics, with residents characterized by a substantial average household income exceeding $173,800 per year. Additionally, the property has a large consumer base, with an average daytime population at over 289,000 people within a three-mile radius.
