STUDLEY ANNOUNCES SALE OF PARK PLAZA IN SAN PEDRO, CALIF.
Los Angeles, CA (May 14, 2012)
Park Plaza, a +/- 199,666-square-foot shopping center located in San Pedro, Calif., was sold to an affiliate of First Washington Realty, Inc., a private real estate investment, management and advisory firm, for $62 million. The seller was an entity of Regency Centers Corporation (NYSE:REG), a publically traded REIT.
Park Plaza, 800 N. Western Avenue, is a dominant community retail center situated on a 13-acre land parcel in the highly visible and highly trafficked Western Avenue corridor. This primary north/south arterial of the Palos Verdes Peninsula boasts a household income of over $106,000 per residence within a 1-mile radius, and +/- 161,115 residents within 3 miles. The center is 95.13 percent leased, and prominent tenants include CVS, Ross, Sprouts, PetCo, Office Depot, McDonald’s, Chipotle, Bank of America and Chase.
Bill Bauman, executive vice president, and Kyle Miller, managing director, of Studley’s National Retail Services Group, represented the seller in the transaction.
“The seller saw an opportunity to take advantage of positive market momentum and lack of quality retail investment offerings by disposing of a well-positioned, prominently anchored asset in a core infill market,” said Bauman. “More than 20 bids were received on the property, reflecting its history of strong tenant sales performance and stable rental growth.”
“First Washington was able to successfully navigate the competitive bidding process by presenting a clear, well thought out offer and demonstrating the ability to perform within a compelling due diligence timeframe,” noted Miller.
The buyer is planning to immediately invest in capital upgrades to further enhance the center and attract additional national tenants to the property.
The shopping center was originally developed in 1962. The Regency Centers entity, Columbia Park Plaza, LLC, acquired the property in 2001. Studley previously represented Regency Centers in the purchase of Oakshade Town Center in Davis, Calif.
First Washington, through its affiliates, owns or is a partner in 16 additional properties in California and is aggressively pursuing multiple opportunities in Southern California.