Newport Beach, Calif. (January 10, 2019) – SRS Real Estate Partners’ Investment Properties Group has completed the $14.9 million sale of a Gardena Plaza, a 55,705-square-foot multi-tenant retail property in Gardena, CA. The fully occupied property includes 18 tenants including Green Farm Market (anchor tenant), Subway, T-Mobile, and Wing Stop.
SRS’ Investment Properties Group Managing Principals Matthew Mousavi and Patrick Luther represented the seller, a Los Angeles-based private investor. The buyer was a family partnership based in Los Angeles, represented by Steven Doan of Realty One Group.
“Gardena Plaza is the primary shopping center located within this dense industrial/manufacturing submarket within the city of Gardena, located on the hard corner of Rosecrans and Van Ness Avenues,” said Mousavi. “The property was fully leased at the time of sale, and represented the rare opportunity to acquire a fully occupied, necessity-based retail center in an infill, LA County market. We received multiple offers, ultimately selecting an all-cash non-1031 buyer seeking this type of property as a long-term investment.”
Built in 1990 and renovated in 2016, Gardena Plaza is situated on 3.54 acres at 2305 W. Rosecrans Avenue. The asset is within a busy retail corridor with high barriers to entry with nearby retail brands including Ace Hardware, Big Lots, and Dollar Tree, among others.
The City of Gardena is 13 miles south of the City of Los Angeles and is within the South Bay Market and is 20 minutes from L.A.X. The city also offers convenient access to the 405, 105, 710, 110 and 91 freeways.
About SRS Real Estate Partners
SRS Real Estate Partners is the largest real estate company in North America exclusively dedicated to retail services. Headquartered in Dallas with more than 20 offices worldwide, SRS’ strong reach and international presence provide the company with unparalleled knowledge both globally and domestically. As a result, clients of SRS have a competitive edge through a full range of offerings including brokerage services, corporate services, development services, and investment services. Since its inception in 1986, SRS has built a strong foundation in the retail real estate world and grown into one of the industry’s most influential and respected leaders. Our success is measured in the achievement of our clients’ objectives, satisfaction and trust. For more information, please visit srsre.com.