DAILY BREEZE REAL ESTATE
Torrance strip mall sells for more than $10 million
A Santa Monica-based real estate investment firm has purchased a Torrance strip mall for $10.65 million in cash, which the brokers involved in the deal said indicates demand is outpacing supply in the commercial real estate market.
Hanley Investment Group Real Estate Advisors announced the sale of Pacific Plaza, a 23,438-square-foot shopping center at the northeast corner of Sepulveda and Crenshaw boulevards in Torrance, for $10,650,000.
Metro Properties purchased the 2.15-acre property at Sepulveda and Crenshaw boulevards from Vancouver, Wash.-based Holt Group, said Irvine-based Hanley Investment Group Real Estate Advisors, which represented both the buyer and seller.
The fully occupied 23,438-square-foot strip mall, built in 1992, includes as tenants The UPS Store, Subway, H&R Block and a nail salon.
“The closing of this multi-tenant retail property is continued evidence of the high demand for good quality retail property that is located in major metropolitan areas,” said William B. Asher, managing director of Hanley.
— Nick Green
Offered by the Torrance Historical Society 1:30 p.m. every 4th Sunday of the month through October, the tour lasts approximately 90 minutes and are docent-led. Meet at the Torrance Historical Society and Museum, located at 1345 Post Avenue.
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