Two retail centers in the Los Angeles area were sold by separate Orange County-based firms.
In Orange County, San Jose-based DJM Capital Group sold Gateway Center in Mission Viejo to an unnamed institutional investor in a $51 million all-cash deal. The property at 24000 Alicia Parkway spans 79,001 square feet on a 7.4-acre site, Shopping Center Business reported.
DJM purchased Gateway Center from Gerrity Group in December 2021 for $39.5 million. After taking ownership, DJM lined up leases with new restaurant and boutique fitness companies, refreshed the landscaping and paint and instituted a weekly community farmers market. The campus was 97 percent occupied at the time of the most recent sale, up from 83 percent when it last traded hands in 2021.
Irvine-based West Hive Capital sold the Western Plaza shopping center in Rancho Palos Verdes to Aria Investments for $24.5 million, L.A. Business First reported.
West Hive purchased the 28,200-square-foot property at 29105-29229 South Western Avenue in 2024 for $8.4 million. The midcentury retail center underwent renovations to modernize the exterior, building systems and parking area. West Hive also built a 4,000-square-foot outdoor dining plaza at the site. The goal with the revamp was to “improve the things that actually mattered, like upgrading utilities and parking, instead of just putting lipstick on it,” Kyle Gorman, co-founder of West Hive Capital, said.
The Gateway Center sale is the second L.A.-area retail property DJM Capital has offloaded over the past month. DJM sold Village Del Amo shopping center in Torrance for $108.5 million. That price made it the biggest retail sale in the South Bay last year.
The biggest retail deal across the Los Angeles region in 2025 was Macerich’s sale of Lakewood Center in August for $332.1 million. The 2.1-million-square-foot development traded hands to a joint venture between Pacific Retail Capital Partners, Lyon Living and Silverpeak for $160 per square foot.— Chris Malone Méndez
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