Savills Studley Negotiates Sale of Terraces Shopping Center in Rancho Palos Verdes
RANCHO PALOS VERDES, CALIF. — Savills Studley has negotiated the sale of the Terraces, a 172,913-square-foot regional shopping center in Rancho Palos Verdes. A subsidiary of Retail Opportunity Investments Corp. (ROIC), a publically traded REIT, purchased the property for an undisclosed price.
Terraces Subsidiary LLC, a joint venture of Combined Properties and Saban Capital Group Inc., was the seller. Built in 1959 and renovated in 1988, 2008 and 2016, The Terraces is located at 28821-28901 S. Western Ave., with frontage along the Western Avenue Retail Corridor.
The center is 89 percent leased to tenants including Trader Joe’s, Marshalls, LA Fitness and Starlight Cinemas. Savills Studley’s Bill Bauman and Kyle Miller handled the transaction negotiations. Bauman and Miller also represented the seller of the center in 2013.