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| 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.
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| 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.
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| 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
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