REDONDO BEACH, CA-Buyer GLH LLC has acquired the fully leased 20,100-sf Seaside Village Shopping Center from Seaside Village Shopping Center LLC for $7.4 million, according to Madison Partners of Los Angeles. The property, which is at 1802 Pacific Coast Highway, was built in 2002 and features three separate buildings all with frontage along Pacific Coast Highway.
The deal was brokered by Mitch Stokes of Madison Partners on behalf of the seller. The buyer was represented by Dan Trapp of First City Commercial.
Stokes notes that the retail center is part of a larger, mixed-use development that also includes 98 town homes, which were not included in the sale. The shopping center is 100% leased to tenants including Pella Windows, a Rockin Baja Cantina that is scheduled to open in December, plus other local cafes and retailers.
The buyer assumed an existing loan of $4.65 million from Capmark at an interest rate of 6.64%, according to Stokes.
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