TORRANCE, CA—KL Plaza LLC has acquired the Carpenter Village Shopping Center from Carpenter Center LLC for $11.5 million. Located at 2814 Sepulveda Blvd. in Torrance, the 31,000-square-foot shopping center is 100% occupied by a mix of retail tenants.

“The leasing as well as the investment market for commercial real estate has greatly improved this year, and CAP rates have reached a healthy number from a low of 3.45% for single National tenant investments to 6% for multitenant shopping center investments,” Sheri Messerlian, an SVP with NAI Capital who represented the seller in the transaction, tells GlobeSt.com. “Given this overall healthy investment atmosphere, coupled with great location, low interest rates and a fully leased shopping center, the owner decided to place this center up for sale.”

Messerlian took over the leasing at the property several years ago, and brought it from 50% occupancy to 100% occupancy and extended the existing leases. The stability of the asset made it an attractive acquisition opportunity for the buyer, who was represented by K-Town Realty & Management in the transaction.

“The moment this property was placed on the market, I received over one hundred calls and over sixty-five signed confidentiality agreements to receive offering memoranda,” says Messerlian. “Within one week of placing the property on the market, I received an offer from the present buyer and I wrote another offer for one my own clients.  While we proceeded to go under contract with the present buyer I kept receiving more requests for Offering Memoranda.”      

The property was originally built in 1979, a features an L-shaped design with outdoor seating areas and surface parking onsite, which was recently renovated. Prior to selling the property, Carpenter Center LLC added new landscaping and lights to the property as well. The retail center is located on a high-traffic block of Sepulveda Blvd. between Hawthorne Blvd. and Crenshaw Blvd.

Retail centers sales have been making headlines recently. GlobeSt.com reported in the last two months that a fully occupied retail center in Burbank traded hands for $26 million, while newly built $21 million Juanita Tate Marketplace, a $21-million, 77,000-square-foot shopping center, finally opened its doors after nearly a year of construction.