$11 Million Buys South Bay, CA Retail Center

Village Center, Torrance, CA

TORRANCE, CA – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Village Center, a 31,153-square-foot multi-tenant retail center in Torrance, Calif. The $11 million sales price equates to $353 per square foot.

Simon Mattox

         Simon Mattox, a member of Marcus & Millichap’s National Retail Group based in the firm’s West Los Angeles office, represented the seller. A local broker represented the buyer, a Los Angeles-based private investor.

            “I was fortunate to work with an experienced owner, as title insurance had not been issued on this property in 35 years,” says Mattox.

“At closing, I appreciated the owner’s confidence that we would resolve the title issues and he was pleased with the value we provided through the ability of our platform to attract qualified investors. 

"With cooperation, perseverance and a concisely executed plan, we completed the sale, fulfilled the seller’s financial objectives and provided the new owner with an excellent opportunity to enhance value.”

Rancho Palos Verdes, CA

            Built between 1972 and 1976 on approximately 2.6 acres at 4170 Pacific Coast Highway in Torrance, the center is located at the entrance of the affluent Rolling Hills and Rancho Palos Verdes neighborhoods.

Rancho Palos Verdes is the home to the Trump National Golf Club and the Terranea Oceanfront Resort. 

The property is adjacent to a Walgreens-anchored shopping center and close to major retailers such as Sprouts Farmers Market, Michaels, Bank of America, U.S. Bank, O’Reilly Auto Parts and Papa John’s Pizza.

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

Gina Relva, Public Relations Manager

(925) 953-1716