VITAL STATISTICS
HHLA
6081 Center Dr., Los Angeles
Square Footage: 240,437
Newmark’s Kevin Shannon, Ken White, Bill Bauman and Kyle Miller represented the seller, Torchlight, in the sale of the Promenade at Howard Hughes Center. The asset, a 240,437 square foot lifestyle and entertainment center, sold for $80 million. The asset is located along the 405 Freeway adjacent to Culver City. Anchor tenants include Cinemark, Dave and Busters and Islands. The buyer was Canon Management. This transaction is among the largest retail sales in LA County in 2023.
HHLA is a 240,437 square foot retail entertainment community center with a distinctive outdoor-oriented design. It is one of the most recognizable retail assets in the Southern California marketplace. The focal point of the complex is a centralized courtyard where consumers access the collection of shops and restaurants within the property. The center boasts an 86% national and regional tenant base. The tenant mix successfully appeals to a broad range of consumers living in the property’s primary and extended trade areas. These trade areas stretch to the South Bay cities of Hermosa Beach, Manhattan Beach, Redondo Beach and Torrance as well as the west side communities of Culver City, Westchester and Santa Monica.
VITAL STATISTICS
VICTORY PLAZA
13007-13047 Victory Blvd., North Hollywood
Square Footage: 136,580
Newmark completed the sale of Victory Plaza, a 136,580 square foot, grocery-anchored retail center in North Hollywood. The asset sold for $57.75 million. Newmark vice chairman Pete Bethea and senior managing directors Rob Ippolito and Glenn Rudy represented the seller, Kennedy Wilson, a global real estate investment company based in Beverly Hills. The buyer was Gerrity, a vertically integrated real estate investment and operating company based in San Diego.
Located at 13007-13047 Victory Boulevard, Victory Plaza is situated on 12.21 acres of land and is anchored by the high performing Vallarta Supermarkets. The center was 97% occupied at the time of sale.
VITAL STATISTICS
MALIBU VILLAGE
3836 Cross Creek Rd., Malibu
Square Footage: 50,699
Malibu Village is a trophy, coastal retail center that is 97% leased and offers 50,699 square feet of premier retail space located in the heart of the highly affluent Malibu submarket, which was sold by Jamestown.
The sale of Malibu Village represents the first 100% fee simple sales over $10 million, outside of the original sale of Malibu Village to Jamestown in 2014, in the last decade – highlighting the exceedingly rare opportunity
to control one of five high end centers that services all of Malibu. This acquisition allowed the buyer to dramatically increase market share in the infrequently traded micro market.
