South Bay Shopping Center Sells For Record Price: Report

TORRANCE, CA — A South Bay shopping center’s sale last month marked a price record for the area, The Los Angeles Times reported.

Village Del Amo in Torrance sold for $108.25 million, Arc Capital Partners announced in a Tuesday news release.

The sale marks the highest paid for a retail property last year in the South Bay, according to real estate data provider CoStar, The Los Angeles Times reported.

“This investment reflects Arc’s focus on providing flexible equity solutions that support value creation alongside best-in-class operators,” Neville Rhone, Managing Partner at Arc Capital Partners, said in a written statement.

The center was last sold in 2004 for $36.3 million, according to The Los Angeles Times.

The 169,578-square-foot shopping center features a mix of brand-name tenants and community businesses, including Benihana, Maragame Udon, BevMo! and Cycle Bar.

At the time of the sale, the center was “92.3% leased with a 6.12% in-place capitalization rate,” according to the Los Angeles Business Journal.

Read the full reports at The Los Angeles Times and Los Angeles Business Journal.