Aldi-anchored retail center in Los Angeles’ South Bay sells for $15.12M
JLL Capital Markets arranged the sale of Redondo Plaza in Gardena, California
IRVINE, Oct. 25, 2022 – JLL Capital Markets announced today that it has closed the $15.12 million sale of Redondo Plaza, a 28,000-square-foot, grocery-anchored retail center located within Los Angeles’ South Bay in Gardena, California.
JLL represent the seller, Storm Properties, and procured the private 1031 exchange buyer.
Built in 2002 and renovated in 2018, the 100-percent-leased Redondo Plaza is anchored by Aldi, which has 11.5 years remaining on the existing 15-year NNN lease. Additional tenants include Domino’s Pizza, T-Mobile, Jackson Hewitt, Super Laundry and Crazy Rock’n Sushi.
Situated at 1550 W. Redondo Beach Blvd., the property boasts over 230,000 residents within a three-mile radius. In addition, the center’s ideal location on W. Redondo Beach Boulevard, one of the main thoroughfares in Gardena, exposes the property to over 33,800 vehicles per day. Redondo Plaza is easily accessible to the Los Angeles South Bay submarket and located less than seven miles from the beach.
The JLL Retail Capital Markets Investment Sales and Advisory team that arranged the transaction was led by Managing Director Gleb Lvovich, Senior Director Daniel Tyner, Managing Director Geoff Tranchina and Managing Director Bryan Ley.
“Grocery-anchored retail in primary markets continues to draw significant interest from investors today,” Tyner said. “The strong performance of grocery-anchored centers along with active capital searching for these opportunities has kept market activity robust, and we expect this trend to continue into 2023.”
“We are excited to continue our momentum in closing with private investors as the capital markets evolve in 2022. In the second half of 2022, our team has closed almost $400M in retail trades across 14 transactions with unique, private capital investors. It is clear investors are attracted to the fundamentals and stable cash flow available in the retail space,” Lvovich said.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 102,000 as of June 30, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Strom Properties
Founded in 1970, Storm Properties, Inc., is an active acquirer, developer, owner and manager of industrial and commercial property, with a primary focus in Southern California. The company currently operates a diverse portfolio of industrial, retail, and multi-family properties and land.