The center, located at 19330 Hawthorne Blvd., is anchored by a grocery store. Tenants at the property include Homes Goods, Walmart and El Pollo Loco.
Newmark Group’s Bill Bauman and Kyle Miller, and Westmac Commercial Brokerage Co.’s Luke Palmo represented the seller and the buyer in the transaction.
“South Bay Village presented a unique opportunity for the buyer to acquire a strong performing grocery-anchored center with exceptional credit tenants that is located in the heart of one of the strongest retail corridors in Southern California,” Bauman said in a statement. “This is a win-win for both the seller and the buyer in terms of pricing and execution.”
The center was built in 1971 and renovated in 2012.
Experts say grocery-anchored centers are among today’s most in-demand retail real estate because they still drive traffic despite the Covid-19 pandemic.
South Bay Village isn’t the only grocery-anchored center to sell recently.
In December, the 800,000-square-foot California Marketplace in Koreatown sold for $57.5 million. Jake Sharp Capital purchased the property at 450 S. Western Ave. It is anchored by Gaju Market, a Korean grocery store.
In addition, Exposition Marketplace, a grocery-anchored center near USC, sold for $29.4 million last year.
Investor Garrett Davis purchased the center from Ophir Management Services and investor Lawrence Kuppin. The property is anchored by Expo Super Market.
There have been some retail sales in the South Bay aside from South Bay Village.
Last year, the Shops at South Bay Pavilion in Carson sold for $30 million.
Woodland Hills-based NewMark Merrill Cos. Inc. purchased the center from Seritage Growth Properties for $30 million.
The property encompasses roughly 182,000 square feet of retail space. It counts Burlington and Ross Dress for Less among its tenants.
It is part of the 1-million-square-foot South Bay Pavilion.
Other large sales in Torrance near the South Bay Village include the roughly 237,000-square-foot Pacific Gateway office building at 19191 S. Vermont Ave. Nome Technologies Inc. purchased from Blackstone Group for $55.5 million.
And in December the Harbor Gateway Industrial Center sold for $110 million.
ENI-JR286 Inc. purchased the property from Sunrider Corp.