Richard Rizika of CB Richard Ellis Inc.'s South Bay office in Torrance, CA says the property is 100% leased. Nuanu Square sits on a 2.6-acre site at 1550 W. Redondo Beach Blvd. Rizika and Brent Cunningham, also of the CB Torrance office, represented the seller. Built in 2002, Nuanu center is anchored by a 20,000-sf Smart & Final store and Super Laundry Laundromat.
Rizika and Cunningham previously represented GRAE Ventures in the acquisition of the original property, a former Oldsmobile dealership. They also negotiated the build-to-suit for the Smart & Final store on behalf of the new buyer and Smart & Final.
Rizika notes that Nuanu Square is along Redondo Beach Boulevard, an east-west retail corridor that's long been the major shopping boulevard for the community. It is located between major supermarket-anchored shopping centers, where the city has been encouraging redevelopment of land parcels.
The buyers used a 1031 Exchange to close the deal. Abel Alim of RE/Max in Fremont represented the buyers.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.