|The Terraces, a 172,803-square-foot community shopping center located here in this wealthy community, has been sold. The price was $37 million, according to industry sources.|
The center is 90% percent leased, with tenants including Trader Joes, Marshalls, and LA Fitness. Kyle Miller, Bill Bauman, EVP, and Marc Navarro of Studley’s National Retail Services Group represented the seller in the transaction.
“Combined Properties, who has a history of successfully repositioning retail properties, recognized the opportunity to more fully leverage Rancho Palos Verdes’ wealthy demographics and take an already flourishing center to the next level,” Miller tells GlobeSt.com. “Los Angeles
continues to be a primary market for both institutional and private investors looking to deploy capital. The seller of The Terraces took advantage of the high demand for retail infill opportunities.”