The 105,000-sf Garden Village Shopping Center stands on 9.4 acres at the northeast corner of Western Avenue and Westmont Drive. The property was built in 1979 and experienced high vacancy levels and leasing problems in the late 1980s. The seller, LA-based Manufacturers Life Insurance Co., eventually foreclosed on the property and repositioned it.
Regency Realty plans to renovate the center and demolish more than 50% of the structure in order to add a major supermarket to it. The revamped facility is scheduled to open at the end of 2001.
Fort Lauderdale-based Regency Realty has purchased several Southland properties over the past year. The Torrance office of CB Richard Ellis represented both parties in the transaction.
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