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Commercial
Los Angeles

Retail REIT ROIC pays $54M for Rancho Palos Verdes shopping center

The Terraces at 28821 S. Western Avenue and Bill Bauman of Savills Studley
The Terraces at 28821 S. Western Avenue and Bill Bauman of Savills Studley

A subsidiary of Retail Opportunity Investments Corporation just closed on the purchase of the Terraces shopping center in Rancho Palos Verdes for $54.1 million, or $313 per square foot.

The seller was a joint venture between Combined Properties and Saban Capital Group, which paid $37.3 million for the property at 28821-28901 S. Western Avenue in 2013. The retail center consists of 10 buildings and spans about 173,000 square feet. It is about 89 percent leased, with tenants including Trader Joe’s, Marshalls, and L.A. Fitness.

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Savills Studley’s Bill Bauman and Kyle Miller brokered the transaction, the brokerage announced Monday. The sales price was confirmed by property records and Real Capital Analytics.

The San Diego-based Retail Opportunity Investments Corporation owns more than a dozen properties throughout Los Angeles County, according to RCA. Its holdings include Bouquet Canyon in Santa Clarita, which it purchased for $59 million in 2016; the Fallbrook Center in the West Hills, bought for $210 million in 2014; and the Redondo Beach Plaza, which it acquired for $30.8 million in late 2012.

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Commercial Real EstateREITS