GARDENA, CA-Gateway Crossings, a community center redeveloped from industrial property, has been sold to an undisclosed family trust. The deal was financed, but loan terms were not disclosed.
Gateway Crossings is 96% occupied and includes Ross Dress for Less, Staples, Goodwill, UEI College, Anna's Linens, Subway, and Ono Hawaiian, among others. The center is located at 641-739 W. Redondo Beach Blvd.
Donald MacLellan and Michael Ward of Faris Lee Investments represented the seller, a joint venture partnership of PCCP LLC and La Caze Development. MacLellan and Ward also represented the buyer, a private family trust that was in a 1031 Exchange, a tax measure that allows sellers to defer capital gains taxes.
Situated on nearly 10 acres, the 120,304-square-foot center was originally built in 1989 and was previously owned and occupied by an industrial manufacturer that also included its corporate office. PCCP and La Caze redeveloped the property from its original industrial use, creating new facades and elevations to convert to storefronts and carving out ground retail shop space in the existing first floor offices. They declined to reveal renovation costs.
“The PCCP/La Caze joint venture redeveloped the property to a higher and better use by bringing needed retail goods and services for the local community,” said MacLellan in a prepared statement. “The new shop space was still under construction at the close of escrow. Therefore, Faris Lee worked with the seller and the buyer to create a pre-sale structure which allowed the buyer to take over the construction process. The seller also arranged credits for rent contingencies until the shop tenants occupy the space.” MacLellan said all of the anchor tenants have signed 10-year leases.
As previously reported by GlobeSt.com, a similar revamped town center in Hawaiian Gardens recently announced that Walmart Neighborhood Market would become its anchor.
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