Richard Rizika of CB's Torrance office says the Lakewood deal has Zaremba Group of Cleveland signing a 25-year, $7.5-million ground lease for a 70,000-sf site at the northwest corner of Del Amo and Paramount boulevards. Rizika, who represented both Zaremba and property owner GRAE Ventures of Los Angeles, says Zaremba plans to build a 13,000-sf drugstore as part of a new 43,000-sf neighborhood shopping center, which will open at the same time. Rizika and CBRE's Greg Hinds also are the listing agents for the remaining 30,000 sf of retail stores in the project. The under-construction neighborhood center will occupy a site that previously housed a Ralphs supermarket. Ralphs vacated for a nearby larger store.
In the Hawthorne deal, Regency Centers of Jacksonville, FL has purchased a 71,108-sf parcel at the northwest corner of Rosecrans and Inglewood avenues for $3.8 million. Rizika says the buyer plans to build a freestanding, 13,000-sf drugstore on the site.
Rizika and Brent Cunningham, also of CBRE's Torrance office, represented Regency Centers in the purchase of the land from Shaw W. Gordon Properties Inc. of Hawthorne. The seller, who has relocated, formerly operated Shaw's Marine Parts and Service on the site.
© 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.