A Torrance shopping center anchored by Wal-Mart sold for $39.7 million.
London-based investment firm Charing Cross bought the South Bay Village property from Florida-based Regency Centers, according to Commercial Observer.
The property has a total of 107,539 square feet of leasable space. The Wal-mart includes a grocery store. Home Goods and El Pollo Loco are among the other tenants. The complex was built in 1971 and most recently renovated in 2012. Outdoor shopping centers or strip malls and outlets have been outpacing enclosed malls in the pandemic.
The Torrance shopping center at 19330 Hawthorne Boulevard is next to the Torrance Promenade. That complex is home to a Trader Joe’s, Marshalls, Ross Dress For Less, and Burlington Coat Factory.
Los Angeles’ retail industry, as a whole, is struggling after a long year in the shadow of the coronavirus. Foot traffic at major L.A. retail corridors fell 41 percent between the first week of March and mid-July.