20020- 20140 Hawthorne Blvd.TORRANCE, CALIFORNIA
Offering PriceSubmit Offers
Total Building Area98,090 SF
Total Lot Size9.155 AC (398,801 SF)
Property TypeRetail Shopping Center
- Sale Price:Submit Offers
- Area:9.155 AC (398,801 SF)
- Building Size:98,090 SF
- Property Type:Retail Shopping Center
- Year Built:1973/1998/subsequent upgrades
The offering provides an excellent opportunity to purchase a multi-tenant shopping center in an affluent urban infill location, minutes from the coast. Best Plaza boasts credit tenants on long-term staggered leases with fixed rental increases.
Built in 1973/1998 “Best Plaza Shopping Center” is a 98,090 SF neighborhood center on 9.155 AC, anchored by a 38K SF freestanding box space and a 20K SF Planet Fitness. The shopping center also features a fully permitted 3,300 SF drive-thru restaurant building that will be under construction in Q4 2018, and is scheduled to open Q1 2019. The center is comprised of a vibrant mix of service, retail, and restaurant users whose business and location draw customers on a regional basis beyond Torrance throughout the entire South Bay and surrounding cities. Best Plaza’s mostly national tenants include: Planet Fitness, David’s Bridal, Jollibee, (coming soon), Togo’s, HearUSA, Geico, Rockler, Edible Arrangements, LendMark, So- Cal Dentistry, In N Out (NAP), Jersey Mikes (NAP), California Credit Union (NAP), Flame Broiler (NAP) and more.
Best Plaza is adjacent to and a part of the 500K+ SF retail shopping mecca, Torrance Promenade. Torrance Promenade is home to a number of industry-leading power retailers including Walmart Grocery, HomeGoods, Trader Joe’s, Party City, Marshalls, Office Depot, Aki Home, Bob’s Discount Furniture, Ross, UFC, and more. It sees millions of visitors annually and is a destination shopping center for residents of all demographics. Best Plaza is strategically located at the southern end of the mega power center at the hard corner of Hawthorne & Del Amo Blvd., making it a convenient stop for beach cities traffic.
Best Plaza is also strategically situated at the signalized hard corner of Hawthorne Blvd and Del Amo Blvd. These major South Bay thoroughfares boast nearly 90,000 total CPD. The center’s location benefits from tremendous traffic, and an extreme lunch draw from In-N-Out and surrounding restaurants.
At 60% occupancy, Best Plaza presents the opportunity for any investor to re-tenant the 38K SF highly-desirable vacant box space. Net Operating Income is expected to increase to $3.1M+ at the end of the anticipated 10-year hold period due to embedded rental increases, and upon leasing the former BRU space, providing an unparalleled return for any investor.