Business & Tech
Rancho Palos Verdes Shopping Center Sold For $54 Million Plus
The Terraces shopping center was sold to the Retail Opportunity Investments Corp. for nearly $17 million more than when it was last sold.
RANCHO PALOS VERDES, CA -- A Rancho Palos Verdes shopping center has been sold to a San Diego real estate firm for more $54 million.
The Terraces shopping center was sold to the San Diego subsidiary of Retail Opportunity Investments Corp. for $54.1 million -- nearly $17 million more than when it was last sold in 2013, according to The Real Deal, a real estate news site.
The shopping center has 10 buildings and spans roughly 173,000 square feet and include tenants such as Trader Joe's, Marshalls, and L.A. Fitness. The center is about 89 percent leased, according to The Real Deal.
Find out what's happening in Palos Verdesfor free with the latest updates from Patch.
ROIC owns more than 50 shopping centers around the state, including The Redondo Beach Plaza.
Photo via Shutterstock
Find out what's happening in Palos Verdesfor free with the latest updates from Patch.
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