Private Investor Acquires Newly Built, 197,000-SF Neighborhood Complex in Torrance for $282 PSF
Robert Ko of Celda Inc. acquired the 196,912-square-foot, newly built Shoppes at South Bay from Cypress Equities for $55.5 million, or about $282 per square foot.
The property at 19503 Normandie Ave. in Torrance is anchored by a 147,000-square-foot Wal-Mart and occupies 19.95 acres. Additional tenants include Payless Shoes, Starbucks, Great Clips and Quiznos.
Tom Nguyen of NAI Capital Commercial Real Estate in Newport Beach represented the buyer and reported the property sold at approximately 6.3% cap rate based on pro forma income. Reza Etedali, Brian Garrigan, Terry Bortnick and Aaron of Reza Investment Group in Irvine represented the seller.
The property was financed by Cathay Bank.