12/12/2007

California retail continues breakup strategy with $14M disposition

by

24 Hour Fitness

South Bay Pavilion

Faris Lee Investments has represented South Bay Pavilion, Calif.-based HREG Genesis Carson, LLC in the $14.05 million sale of two outparcels at the South Bay Pavilion, a 1,017,590 square foot mall in Carson.

HREG Genesis plans to continue ownership of the mall's core while selling off the outparcels, according to Richard Walter, president of Faris Lee. The South Bay Pavilion recently underwent extensive renovations and is home to tenants such as Target, IKEA, Sears, JC Penney and Washington Mutual.

In the first transaction, a 1031 exchange, Los Angeles-based 24 Fit LLC purchased the 24 Hour Fitness property for $11.25 million. Faris Lee's Nicholas Coo represented the buyer.

Located at 945 Dominguez Ave., the property contains 32,921 square feet and sold with a 6.05 capitalization rate. The current tenant, 24 Hour Fitness, signed a 15-year lease in 2006.

The second transaction saw Los Angeles-based RPM Investments purchase the outparcel currently housing a Chili's restaurant for $2.8 million. RPM was represented by David Maling and Chris Maling of Marcus & Millichap.

Built in 2007, the 34,848 square foot property is located at 20760 Avalon Blvd. It sold with a 5.35 capitalization rate.

Carson is located roughly 15 miles south of Los Angeles and has a population of 89,730, according to the U.S. Census Bureau.

Address: 24 Hour Fitness at 945 Dominguez Ave., Carson, Calif.
- Chili's at 20760 Avalon Blvd., Carson, Calif.

Size: 67,769 square feet

Built: 2007

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Filed Under: Retail

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