51-Acre Land Site Trades Hands in Redondo Beach

A private investor has acquired a 51-acre property in Redondo Beach in one of the largest redevelopment opportunities in Southern California. AES Corp. sold the land for an undisclosed amount, and will continue to occupy the space as the AES Redondo Beach Power Plant through 2023.

“The plant was scheduled to be shut down due to the prohibition of power plants that use once-through cooling systems in California. The coming mandatory plant shutdown led to placement of the site on the market,” Kevin Shannon, co-head of U.S. capital markets at Newmark Knight Frank, tells GlobeSt.com. Shannon represented AES Corp. in the deal on a team led by CBRE’s EVP Laurie Lustig-Bower and VP Kadie Presley Wilson and with NKF’s executive managing director Ken White and senior managing director Scott Schumacher.

In the future, the buyer plans to develop the site, and will work alongside the city to find a site for approval. “The site is currently unentitled so it is a blank canvas with enviable scale perfect for an iconic mixed-use development,” says Schumacher. “The buyer will work with the Redondo Beach city council to come up with a mutual agreeable development plan, which will include open park space and public access as well as office and retail components. This scale in a mature infill coastal market like the south bay is truly a generational opportunity.”