JLL closes $27.8M sale of Los Angeles grocery-anchored retail center
Park Pacific Shopping Center in Hermosa Beach, CA trades hands for first time in 50 years
ORANGE COUNTY, Oct. 1, 2024 – JLL Capital Markets announced today the $27.8 million sale of Park Pacific Shopping Center, a 49,911-square-foot grocery-anchored retail center in Hermosa Beach, California.
The buyer was Chartwell Real Estate Development and the seller was a private investor.
This marks the first sale of the property since its development over 50 years ago. The center is anchored by a Trader Joe's and features a mix of national brands such as Starbucks, Five Below and Sally Beauty, alongside local businesses.
Located at 1100 Pacific Coast Hwy, the center is situated in the prime coastal community of Hermosa Beach with average household incomes exceeding $170,000 per year and average home values over $2 million within a one-mile radius of the property.
“We continue to look for excellent retail investment opportunities in prime coastal infill locations such as this one, and we are excited about the future of Park Pacific,” said Henry Pyle, Chartwell Real Estate Development.
The JLL Investment Sales and Advisory team was led by Senior Director Daniel Tyner and Managing Directors Gleb Lvovich and Geoff Tranchina.
"This transaction represented a rare opportunity to acquire a coastal grocery-anchored center in one of Los Angeles' most desirable coastal submarkets," said Tyner.
“The strong fundamentals and performance of retail has proven to be resilient and attractive to a wide variety of investors,” Lvovich added. “We expect demand to continue to accelerate as interest rates moderate and potentially decline further.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
For more news, videos and research resources, please visit JLL’s newsroom.
Jones Lang LaSalle Americas, Inc. ("JLL") is a real estate broker licensed with the California Department of Real Estate, license #01223413.
About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 110,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Chartwell
Chartwell Real Estate Development is a privately held, highly focused industrial and commercial real estate firm specializing in the management, acquisition, (re)development, and repositioning of quality real estate facilities throughout Southern California. Headquartered in Costa Mesa, Calif., Chartwell’s mission is to make a positive impact on the communities, tenants, professional associates it works with, through social and financial investment, innovative solutions, and transparent collaboration.