Richard Rizika of CB Richard Ellis Retail Services, located in the South Bay office in Torrance, represented the buyer, who was also represented by Rick Mori, also of the Torrance office of CB Richard Ellis.
Rizika notes that the purchase included a 90,000-sf supermarket-anchored shopping center, which was 98% occupied, and a 28,105-sf office building, where the vacancy rate exceeded 30% at the time of purchase. The sale also included a 46-room boutique hotel. The seller had owned and operated both the supermarket and the hotel. Rich Development Co. plans to operate the hotel and renovate the shopping center and the office building. In addition, Rizika says, the supermarket will be replaced with a 32,025-sf Marukai Pacific Market, which is slated to open in summer 2004. Marukai Corporation U.S.A., which was established in 1965 by Marukai Corp. in Osaka, Japan, has markets located in Southern California and Hawaii and imports many varieties of Japanese products, such as foods, goods, ceramics, cosmetics, furniture, health food items, and appliances. CB Richard Ellis will be responsible for leasing both the retail and office components of the property.
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