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SAN PEDRO, CA-An affiliate of First Washington Realty Inc. was one of more than 20 bids that were received on the 199,666-square-foot Park Plaza shopping center here. The firm, a private real estate investment, management and advisory firm, ended up being the winning bid and purchased the property from an entity of Regency Centers Corp., a publically traded REIT, for $62 million.
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,” Bauman says. According to Bauman, the amount of bids that were received on the property reflects its history of “strong tenant sales performance and stable rental growth.”
The center is 95.13% leased. Prominent tenants include CVS, Ross, Sprouts, PetCo, Office Depot, McDonald’s, Chipotle, Bank of America and Chase.
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, according to a prepared statement.
“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,” Studley’s Miller explains. The buyer is planning to immediately invest in capital upgrades to “further enhance the center and attract additional national tenants to the property,” he adds.
Park Plaza, 800 N. Western Ave., is a community retail center situated on a 13-acre land parcel in the highly visible and highly trafficked Western Avenue corridor, according to a prepared statement. The primary north/south arterial of the Palos Verdes Peninsula boasts a household income of over $106,000 per residence within a one-mile radius, and +/- 161,115 residents within three miles, the statement says.
The shopping center was originally developed in 1962. The Regency Centers entity, Columbia Park Plaza LLC, acquired the property in 2001.
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Natalie Dolce, editor-in-chief of GlobeSt.com, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
