A Southland-based development company has paid $8.2 million for a retail project here on the Palos Verdes Peninsula and plans to raze 53,000 sf to make way for a new housing development.

The 5.3-acre parcel is on the northeast corner of Crest Road and Hawthorne Boulevard. It was acquired by privately held Crest Road Homes.

The company plans to build 34 single-family houses on the site. The retail property was sold by a group of private investors with the unusual name of Tp-Rhe-One Tpx.

Clint Morris and Steve Lawson of Colliers Seeley International represented the seller in the transaction. Crest Road Homes was represented by Mike Bodlovich and Mike Harry, also of Colliers Seeley.

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