Savills Studley negotiated the $54.1-million sale of The Terraces, a 172,913-square-foot regional shopping center in Rancho Palos Verdes, CA. The property was acquired by a subsidiary of San Diego-based Retail Opportunity Investments Corporation (ROIC), a publically traded REIT. The seller was Terraces Subsidiary, LLC, a joint-venture of Combined Properties and Saban Capital Group, Inc.
Built in 1959, and renovated three times (the most recent last year), The Terraces is located at 28821 to 28901 South Western Ave. It is situated along the Western Avenue Retail Corridor, the market’s primary thoroughfare, serving the communities on the Palos Verdes Peninsula.
The 89%-leased center features three terraced levels of shopping, and has such notable tenants as Trader Joes, Marshalls, LA Fitness and Starlight Cinemas.
Savills Studley’s Bill Bauman and Kyle Miller handled the transaction on behalf of the seller and buyer.
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