CBM1’s Jason Ehrenpreis represented the buyer and seller in the recent sale of Western Plaza, a +/-31,170 SF shopping center undergoing a full remodel (expected to be completed this fall) on Western Avenue at Capital/Park Western in Rancho Palos Verdes.
The sale marks the property’s first-ever transfer and resulted primarily from Mr. Ehrenpreis’ exceptional efforts both as a leasing and sales agent. “I’ve handled the leasing [at Western Plaza] for years and recognized a potentially huge upside, given the location’s ‘bullseye intersection’ for this trade area, if the property were remodeled,” Ehrenpreis shares. He then suggested to ownership that rehabbing and repositioning the center would make the property far more desirable to premier credit tenants.
“The owner agreed with the wisdom of my proposal,” Ehrenpreis says, adding: “And with their pledge to remodel the center, I leveraged long-standing relationships to secure leases with several notable tenants, including Habit Burger, Mattress Firm, California Fish Grill, Urbane Café, and O’Reilly.”
With the caliber of incoming tenants and the growing scope of the endeavor, the owner realized a more seasoned retail developer would be a better option to complete the project. “The groundwork I laid in signing leases with credit tenants empowered me to source a buyer the capacity to complete a redevelopment project of this scale and the vision to see the long-term financial rewards,” Ehrenpreis relates, a sentiment underscored by the transaction netting a lucrative $8,400,000 sale price.
The site stretches an entire city block along Western Avenue, from Capital to Park Western, in affluent Racho Palos Verdes. Superbly located, the center is surrounded by numerous A+ retail tenants. Several grocery-anchored shopping centers, including sites anchored by Ralphs, Trader Joe’s, and Sprouts, respectively, border the subject property.
For more information, contact Jason Ehrenpreis: Jason@cbm1.com | 310.231.5213
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