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118,000-SF Retail Center Starts in $34M Deal

REDONDO BEACH, CA-The $34-million transaction will provide the equity and take-out sale at the completion of the South Bay South Center.

By Bob Howard | Updated on June 17, 2010

REDONDO BEACH, CA-Construction has begun on a new 117,858-square-foot retail development called the South Bay South Center, according to an investment sales team from United Commercial Realty in Dallas that arranged the equity placement and a pre-sale of the project. The total transaction size is more than $34 million, according to the UCR team, which was led by David Disney, Adam Howells and Kevin Catalani. LaSalle Investment Management will provide the equity and take-out at development completion.

The UCR team, which represented the Dallas-based developer of the property, tells GlobeSt.com that the developer has begun demolition of existing commercial buildings on the site to make way for the new center, which is expected to be completed in about 15 months. The project site is adjacent to the 955,000-square-foot South Bay Galleria Mall owned by Forest City, on land that Forest City sold to the developer.

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