RANCHO PALOS VERDES,CA-The Terraces, a 172,803-square-foot community shopping center located here in this wealthy community, has been sold. The price was $37 million, according to industry sources.
The buyer was Terraces LLC, a joint venture between Combined Properties and Saban Capital Group. Combined Properties owns and manages more than five million square feet of retail properties in Los Angeles and Washington DC, including the Lincoln & Rose Shopping Center in Venice, anchored by Whole Foods Markets.
The existing CMBBS loan was assumed, according to Kyle Miller, corporate managing director. The buyer will be undertaking minor improvements to enhance the center's appearance and access/circulation, while further leasing the property.
The seller was Terraces Ranchos Palos Verdes, LLC, a private Northern California-based real estate company that acquired the property in 2005. Built in 1959 and renovated in 1988 and 2008, The Terraces is located at 28821–28901 South Western Ave., with visible frontage along the Western Ave. retail corridor.
The center is 90% percent leased, with tenants including Trader Joes, Marshalls, and LA Fitness. Miller, Bill Bauman, EVP, and Marc Navarro of Studley's National Retail Services Group represented the seller in the transaction. Combined Properties managed the acquisition through its Beverly Hills office.
“Combined Properties, who has a history of successfully repositioning retail properties, recognized the opportunity to more fully leverage Rancho Palos Verdes' wealthy demographics and take an already flourishing center to the next level,” Miller tells GlobeSt.com. “Los Angeles continues to be a primary market for both institutional and private investors looking to deploy capital. The seller of The Terraces took advantage of the high demand for retail infill opportunities.”
The sale marks the second grocer-anchored transaction for Studley along the Western Ave. corridor in the last year. In 2012, Studley sold Park Plaza for $62 million.
As previously reported by GlobeSt.com, the nearby Terranea Resort recently wiped away all of its previous mortgage with a $220-million refinancing.
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