UCR Investment Sales Represents Future Retail Development in Redondo Beach, CA
DALLAS, Texas, June 10, 2010 – United Commercial Realty’s Investment Sales team recently arranged the equity placement and pre-sale of a to-be-built retail development in Los Angeles (Redondo Beach), California.
The UCR Investment Sales team, led by Adam Howells, David Disney and Kevin Catalani, represented a Dallas-based developer in the transaction. LaSalle Investment Management will provide the equity and take-out at development completion. The total transaction size is over $34 million. South Bay South Center is a new 117,858 square foot retail development located in the heart of South Bay, a southwest region of Los Angeles County. The center is surrounded by the most affluent neighborhoods in Los Angeles. The center is 78% pre-leased to Nordstrom Rack, Sprouts and Total Wine and More and is adjacent to the 955,000 square foot South Bay Galleria Mall owned by Forest City.
“South Bay South Center is a very compelling development; in fact, it may be the only retail development in the country to be this significantly preleased. Quality tenants, affluent demographics, and a coastal location created considerable interest from institutional and foreign capital,” said Adam Howells, managing partner of UCR Investment Sales.
“This transaction demonstrates the wide-ranging ability of our team to create a significant opportunity in the capital markets by bringing together a leading international investment advisor and a proven, Dallas-based developer to successfully finance one of the few high quality retail developments in what is still a very challenging market today,” said David Disney, president of UCR Investment Sales. He added, “The real estate is irreplaceable, the tenant line-up and pre-leasing are strong and the sponsorship of LaSalle played an important role in allowing this unique opportunity to become a reality. This was truly a team effort by everyone involved.”