The 105,000-sf Garden Village Shopping Center stands on 9.4acres at the northeast corner of Western Avenue and Westmont Drive.The property was built in 1979 and experienced high vacancy levelsand leasing problems in the late 1980s. The seller, LA-basedManufacturers Life Insurance Co., eventually foreclosed on theproperty and repositioned it.
Regency Realty plans to renovate the center and demolish morethan 50% of the structure in order to add a major supermarket toit. The revamped facility is scheduled to open at the end of2001.
Fort Lauderdale-based Regency Realty has purchased severalSouthland properties over the past year. The Torrance office of CBRichard Ellis represented both parties in the transaction.
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