Charing Cross Partners is placing up for sale a 107,706 square foot shopping center in Torrance. A listing for the property from Newmark shows the property, South Bay Village, is a fully occupied shopping center located at 19330 Hawthorne Blvd.
While Newmark did not disclose guidance pricing for the property, public records show that the shopping center last sold to Charing Cross Partners in 2020 for $39.75 million, or approximately $369 per square foot.
Built in 1971, the property is occupied by Walmart, El Pollo Loco, Homegoods and Lowe’s, with net operating income totaling more than $2.2 million. According to Newmark, the Lowe’s space is currently dark but guaranteed by the company through 2032.
The property is situated in a highly populated area with approximately 576,040 people living within five miles of the property. Additionally, those living within a five mile radius earn an average household income of $122,480 per year, with many nearby employers, such as Honda, Torrance Memorial and Honeywell, according to Newmark.
Throughout the Greater Los Angeles area, retail properties have largely remained in demand, with several recent sales to show for it. In one deal that closed in September, a 375,541 square foot shopping center in Lancaster sold for $45.25 million, according to a news release from Newmark, which brokered the deal. The property, which is located at 44400 Valley Central Way, was 68 percent occupied at the time of the sale to retailers like Marshalls, Staples, Michaels and 99¢ Only Stores.
Stan Johnson Company also acquired a 56,000 square foot retail development in Huntington Park for $48.7 million. The property is located at 5731 Bickett Street and is anticipated to be completed by developer Shane Companies by 2023. The property will be occupied by Target, according to previous reporting from The Registry.
