Regency Centers Collects $62 Mil from San Pedro Retail Sale
May 15, 2012
In a big SoCal retail buy, an affiliate of First Washington Realty Inc has purchased Park Plaza, a 200k sf shopping center in San Pedro, for $62 mil ($310/sf) ...
Park Plaza is a dominant community retail center situated on a 13-acre land parcel in the highly visible and highly trafficked Western Avenue corridor...
First Washington is planning to immediately invest in capital upgrades to further enhance the center and attract additional national tenants to the property...
Bill Bauman, executive vice president, and Kyle Miller, managing director, of Studley’s National Retail Services Group, represented the seller in the transaction. According to Bauman, more than 20 bids were received on the property, reflecting its history of strong tenant sales performance and stable rental growth. Studley also previously represented Regency Centers in the purchase of Oakshade Town Center in Davis, CA.
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