Located at 1141-1259 Carson St. in Torrance, the property was purchased by RPM Investment, Inc. of Downey, Calif., from 1213 Carson Limited Partnership. The retail center is currently 85% leased. The tenants in the retail center include Pic N Save, Rite Aid, Best Value and Kragen Automotive.
RPM has immediate plans to refurbish and reposition the property. The improvements included an exterior cosmetic upgrade, landscaping and amending the lighting in the parking lot. The refurbish development is expected be begin within four months.
The capitalization rate on the deal is roughly 7.75%. The retail center is priced at approximately $80 per square foot, which is considered to be fair market value for the type of property, its location and the improvements to be added to the site.
Colliers Seeley International's David Norcott and Bryan Norcott represented both parties in the transaction.
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