Faris Lee Investments Completes Sale of Gateway Crossings Retail Property in Los Angeles, CA

  

Gateway Crossings, 641-739 W. Redondo Beach Blvd., Gardena, CA

  

IRVINE, CA – Faris Lee Investments, the nation’s largest retail-specialized investment advisory firm, has completed the sale of Gateway Crossings, a recently redeveloped community center, for an undisclosed price.

Donald MacLellan

 The center is located at 641-739 W. Redondo Beach Blvd. in Gardena, a city within Los Angeles County. Gateway Crossings is 96 percent occupied and includes Ross Dress for Less, Staples, Goodwill, UEI College, Anna’s Linens, Subway, Ono Hawaiian, as well as others.

                 Donald MacLellan and Michael Ward of Faris Lee Investments represented the seller, a joint venture partnership of PCCP, LLC and La Caze Development, who redeveloped the property from its original industrial use and embarked on an aggressive and successful leasing campaign. MacLellan and Ward also represented the buyer, a private family trust who was in a 1031 exchange.

Michael Ward

                Situated on nearly 9.6 acres, the 120,304-square-foot center was originally built in 1989 and was previously owned and occupied by an industrial manufacturer which also included its corporate office.

                “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,” noted MacLellan.

“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.”

                The property is ideally positioned at the on/off ramp of Interstate 110 and Redondo Beach Blvd., which sees more than 309,000 cars per day. The majority of the tenants enjoy unobstructed visibility from the freeway. The center is located in a densely populated area with relatively little land for future development. There are more than 223,000 people living within a three-mile radius with an additional 275,000 daytime employees.

                 “Gateway Crossings has an excellent tenant roster. All the anchor tenants have signed long-term, 10-year leases. Overall, the asset will provide the buyer with long-term security and stability,” said MacLellan. 

For a complete copy of the company’s news release, please contact:

Darcie Giacchetto

Spaulding Thompson & Associates

949.278.6224

www.farislee.com.

www.pccpllc.com.